@Karen BolyardAs mentioned, being a real estate broker doesn't automatically qualify you for the Real Estate Professional Status (REPS) ---- IRS chose such a bad name. 

I'd think about it and not be automatically dissuaded by conventional wisdom.

This is a 100% automatic disqualification in my book (no ifs, and or buts).If it is not registered.

For example, State Farm renter's insurance has loss of use as automatically 40% of personal property. 

If it says no data, tm hen they never submitted and that is a 100% automatic (no ifs, and or buts) disqualification from even talking to the sponsor until that is done.

Unclear if the lien has expired, and if surplus funds would go to the COA According to the COA State laws i found this:Thelien is not effective 1 year after the claim of lien was recordedunless, within that time, an action to enforce the lien is commenced.The 1-year period is automatically extended for any length of timeduring which the association is prevented from filing a foreclosureaction by an automatic stay resulting from a bankruptcy petitionfiled by the parcel owner or anyother person claiming an interest in the parcel.

When you take a home at auction you do not automatically get their "stuff" too.

Yes but, It's not like the foreclosure happens, senior lien holder gets paid off, and excess funds automatically go to HOA or whoever else.

I tend to admonish about automatically doing 1031 exchanges. 

I had moved more than 50 miles because of work and my FHA loan had a clause where I was automatically approved to buy a house with 3% down in that scenario.