I have spoken to the HOA more than once in the last 2 weeks - and I have several emails, including three sent today to various reps in the HOA, to create a long paper trail.From what one of the HOA reps told, the community has a problem with roof leaks and they are looking to replacing every roof in the whole community (they raised our dues twice in the last two years, with the claim being it needed was to change the roofs).If something goes sideways here, I don't want the legal liability to land on me because the HOA is taking their sweet time in handling this.

@Fahren FonacierNo, just carry adequate liability insurance and you'll be fine to get started.

Seems Im on a roll here but this is an important one. Say I got an agreement to be paid a commission for a lease over a period of years. The agreement is that the commission will be paid as long as the tenant is there...

This will include $1 million+ liability.

Just make sure you have lots of liability insurance and you'll be OK.

You will need contents coverage, Loss or Rents, Detached structures, Liability (buy as high a limit as possible) and medical payments coverage.   

Flippers (as a business) hold non-depreciable inventory whereas investors hold depreciable, tax-favored assets that generally allow low or no current tax liability. 

I can't imagine they would expose themselves to liability by creating a contract that violated law.With that said, the only way to know for sure is to have your own attorney review it.

Your basic insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

then you can purchase another property without having the income tax liability, purchase another income producing property ( or two depending on your cash out from the HELOC)  and then you're on your way to building some real wealth with some great future tax strategy options  to limit future tax liability from the income and properties.