The bank doesn't know or care because they're receiving the mortgage payments on time and there's no change of title or anything.Here's my plan.......Can I purchase a second residence/vacation condo? 

I take good care of the units and keep them up.

Alex:Our June 19th meeting covered selecting a business entity.

I generally have good tenants and take care of them.I'm intrigued by a blanket loan/mortgage.  

I have a few properties pre selected, will define within days.I would like if experienced investors in that area could point me to proven Property Managers, good, honest and inexpensive. 

So you must vet them carefully as well. 

MOST tenants will not take care of the carpeting in a rental as they might if they owned the house/unit.2. 

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

Be careful daisy-chaining your properties together financially with HELOCs because if a downturn in the market occurs, your property investments will fall like dominos.

That's why these are taken care of in court.