@James Wisees i had took the exam and failed it by 4  points..

Ever failed.

If everything fails and we have to walk away for some unforeseen reason, we are out $5,000. ;-/ That would suck but it wouldn't be the end of the world and we should have enough time left to recover and learn from our mistakes.Please let me know if you have any other questions or comments.

If all else fails, wait until auction.  

If it was required, the association should have gone after the previous owner, but failing to do so wouldn't excuse you from the requirement.

They can attempt to change the covenants through changing the representation on the Board, or arguing their case, but failing that, they need to obey the 'law'.

@Jerry W.Colleague chat is officially dead - http://www.biggerpockets.com/forums/25/topics/210098-we-tried-and-failed-chat-is-dead

With that said, I just had a subcontractor put a lien on one of my properties because my GC failed to pay him (or so he claimed).

article-http://www.forbes.com/sites/anthonynitti/2015/08/11/teacher-fails-to-qualify-as-real-estate-professional-who-can-pass-the-more-than-half-test/

As a result, both because a purchaser’s right to litigate a cancellation without the benefit of an injunction will often be uncertain and because an injunction provides a second chance to cure the default if the defense fails, purchasers will still almost always be well-advised to, if possible, procure an injunction in connection with contesting the cancellation of a contract for deed or a purchase agreement.Every state has different laws, and some don't even allow contract for titles in the case of manufactured homes being sold and financed sans real estate.