What they cannot do is have 2 additional dogs show up at some point in the future without properly filing notice to the landlord.

@Neil SchallMy standard advice to beginner investors in your situation is: forget about entities, structures, and taxes.

But that takes a lot of effort.I'm focusing on Spokane, Oklahoma City and Indianapolis. 1% rule is pretty standard on most properties in these areas, and there is still room for a value add where you can get 1.5% or higher. 

However, if you file to change your name into an LLC, a bank could call the note, but highly unlikely.

The HOA could have filed for redemption from you if they had wanted to, but if they did not do that then their rights to the old lien/judgement are gone.

Although I have a biased opinion, as does a non-agent, let me assure those in doubt that it's much more than filing out a couple of forms, especially on the listing side. 

So I get that deal, just a standard fix/flip like any of us would do. 

Unless you have a connection I don’t the standard would be 25 or even 30% if it needs to be a commercial loan.

As soon and the rent is deposited, I transfer it to my standard rental account.

File a report with child welfare and you may get lucky.