Im on the edge of pulling the trigger on my first property.

Most associations and attorneys file the lien with the county though so that it's triggered during a sale but it doesn't have to be filed in order for an Association to collect from the unit owner.

@J Beard this does not trigger the "due on sale" clause?

Before you pull the trigger on the HML and the project you probably should go talk to several loan officers in terms of your exit financing (Fannie/Freddie) to ensure you will meet all of the requirements they have to close the loan.  

Such sale contracts can be over a specific period or time or be executed on a specific occurrence, trigger events could be the death of one partner in title, or both, or if the sun does or does not rise on a Monday, in other words, anything can be agreed to as a triggering event.  

I have not yet pulled the trigger on my 1st property.

(This also triggers the law of reciprocity that makes them feel obliged to give back)Hope these pointers help

Eventually, I pulled the trigger for two reasons. 1.

A purchase will generally trigger a reassessment though.  

It's always best to ask for advice here on BiggerPockets on any deal that has some special circumstance like this one (occupant/renter) BEFORE you pull the trigger.