They retain their tax deferred status but you still get to make income on the tax deferred dollars for life (then see death, the second best way to eliminate capital gains).  

You also have to wait 60 days for the system to interface and update your status.  

Just use a standard lease.Also check your local laws on this, but where I lived, the rules stated that if you were renting out part of your personal residence, you are allowed to discriminate based on family status and other things that normally are protected classes.

HOWEVER, unless your Virginia Adjusted Gross Income is above the threshold for your filing status, you don't have to file.

I just started pulling list to identify homes that have recently gone into foreclosure status.  

Familial status is a protected class according to that law, along with national origin, race, religion, disability, sex or handicap.

Do I need to disclose my status?

I am looking for an experienced agent that has experience working with investors (buyers/sellers) and knows the current status of the market and how to maximize the sales price of the properties.One property is a luxury condo and the other is a 4plex both located in North Phoenix.

It's literally impossible giving you guidance without more information.On a 2nd mortgage, the two biggest factors imo are the amount of equity above the 1st mortgage and the status of the 1st mortgage.

Half of the reason these guys invest is for the "preferred" status.