This does depend on the bank though, both rate and property value.There may be some special restrictions for HUD homes.

There technically does not need to be a partnership return prepared as a rental activity can be reported separately.

Another possible tack is that the association sues you for an injunction (that would require you to fix the roof); or, they may (depending on the governing documents) replace the roof for you and levy a special assessment on your property to cover the cost.

The success or failure of this type of investment is largely determined by WHO you are doing business with.In summary, I like the strategy but you have to do homework on the deal AND the sponsor, talk to references, obtain and verify track record information, and be prepared to NOT invest if things just aren't adding up.Good luck!

As many others here have pointed out there are lots of places for this to go wrong and unless you are prepared to deal with the difficulty regardless of where it comes from I think you should do something else first.

It's good you are trying to be prepared but it's hard to help if we don't know what type of attorney or why you are meeting.

And be prepared to walk away from the deal.

The public image really is one of charity (training and employment for special needs groups).

FYI - Seterus is a Special Servicing company.

You obligate yourself to assessments that you may not know the amount of, that can change (according to the rules governing the assessments) without your "acceptance", you obligate yourself to special assessments that may be levied from time to time, etc....