Current P&I is $312 @ 6.375%Type of financing sought: Undecided but probably another conventional mortgageCurrent or prior ownership of real estate: Own this property and my personal residence.

Talk to the board to make sure that they know you are exercising your ownership. 

Control is exhibited either by greater 49% equity or beneficial interest in an entity, or by executive decision-making power over the entity.Fiduciaries to the plan or those providing services to the plan such as investment advisors or tax counsel.A key employee such as a vice president or a holder of more than 10% ownership interest of a company that is controlled by a disqualified party.A 10% or greater joint venture or partner of a business that sponsors a qualified retirement plan.

Where should I go to find the ownership?

There are more benefits to the Land Trust beyond just financing which include introducing anonymity to ownership and the fact that it ties in with any future estate planning easily.

My first thought was that the homeowner was not paying their association dues and the association found themselves in ownership of the property.

@Teddy GroomsAlmost all mortgage loans are written with a clause that allows the lender to accelerate the note if the property ownership is transferred.

I will be splitting all costs and ownership 50/50 with one other partner.

Here is the guideline for establishing a domicile:To establish domicile, you or your parent(s)/guardian(s) must meet the following criteria: Live in Texas for 12 consecutive months; andEstablish and maintain domicile for 12 consecutive months by doing one of the following: Be gainfully employed in Texas (student jobs do not qualify as gainful employment);Have sole or joint marital ownership of residential real property in Texas by the person seeking to enroll or the dependent's parent, having established and maintained a domicile at the residence;Own and operate a business in Texas;Be married for one year to a person who has established domicile in Texas.

So if you build a new construction the new dwelling is tax exempt for 10 years while the value of the land may change from year to year and you must pay tax on the over the life time of ownership.