While the most sever consequences wold happen to the buyer - he loses his house, You are still legally responsible.

Thanks @Antoine What are the consequences if I don't?

I did some very informative reading of the archives trying to find an answer to this, but up to now have not found anything that answers this .  I'directlym almost 47 and getting tired of the rat race.  I want to keep...

In terms of #2, is there no tax consequences because the transfer is being made in a way that doesn't materially change ownership of the underlying property (it's 50/50 owned by two people and transferred to an LLC that is 50/50 owned by the same two people)? 

Consequently, if one didn't pass inspection, you would have two other properties to choose from. 

When you do your renewal, I think it would be worthwhile to review the important points you want to get across: no pets, no smoking, pay rent on time or consequences would be X, take good care of the house, you will respond in x amount of time for repair requests.

Housing and urban development is pushing a new planhttps://www.cbsnews.com/news/hud-plan-would-raise-...So, what do you think would be the consequences, unintended or otherwise, to the rental industry? 

It will also depend on if you are getting a capital interest or a profits interest for your services and the two can have very different tax consequences.  

Whatever you choose, choose it yourself and live up to the consequences whether good or bad, that is what makes a life story worth hearing. 

What are the consequences of not following HUD's recommendations to the letter?