There are very specific tax compliance requirements for partnerships.

After more research, I came across various blogs/posts regarding Dodd-Frank and SEC compliance rules/requirements for formal "loan servicing".  

Applying for the permit of occupancy triggers A TON of other things that need to be done and the permit cost me about $13,500 for a studio.  

This means a new roof, gutter cleaning, government compliance issues, are the responsibility of the Condominium, and not you as an individual.

The survey and map may not address whether improvements on the Property are in compliance with State and/orCounty requirements, subdivision covenants, conditions, and restrictions, and/or condominium property regime requirements.O-1 Termination Due to Default.

You seem to be very early in the process and many agents don't want to have to coach someone or guide from step one and a year later pulling the trigger. 

The better you know your market the easier it will be to pull the trigger when the time comes.

I’ve looked at this for various clients in DC but none of them have pulled the trigger yet.

@Julie McCoy I rarely deal directly with borrowers for a few reasons: 1) I want to remain objective in my decision making and some borrowers can be pretty crafty, 2) potential legal/compliance issues, 3) it's difficult to scale your business if you are constantly contacting borrowers yourself.

While I know this was unusual and over the top, it gave my wife and I the confidence to go ahead and pull the trigger.