Any failure by the lessee to comply therewith shall be a default under the lease(d) any owner who leases his or her lot shall within ten (10) days after the execution of such lease, forward a copy of the same to the Association or the Association's Managing Agent(e) no owner may lease his or her lot for a term shorter than one month, or in a manner that allows different occupants to occupy the lot for transient or hotel purposesThey also go on to define transient and hotel purposes as "AirBnB, Vacation Rental by Owner, employee housing,"[etc.] and then state at the bottom that:"Any 'Lease" or act of 'Leasing,' for the purposes of these rules, is defined as regular, exclusive occupancy of a lot by any person other than the Owner; provided, however, that the leasing shall not include the occupancy of the lot by the child or parent of an owner.

I went as far as telling multiple underwriters if my LTV (loan to value) was at or below 70% they would hope I defaulted because they would make more money then they lend to me when they sell the property. 

All of the tests that I gave her she passed with flying colors so by default I had to give her a chance and she started off great paying rent ahead of time, very low maintenance just an ideal tenant.

How tough is it really to go through the process of gaining control of the asset if the lendee defaults (real estate)?

And what types of real estate am i looking for, pre-foreclosure, foreclosure, lien sale, defaults??

The investors don’t need to worry about personally dealing with defaults and foreclosures because the fund manager takes care of that for them.  

Therefore the tenant is in default and is subject to eviction.Your PM has failed to issue a Notice To Quit for the non-payment.  

Some in my local REIA advised against it citing Frank Dodd and the mess of foreclosing if the renter defaults on payments.

It has basically become the default Poconos thread on BP with valuable input from multiple experienced investors. be sure to read the thread all the way to the bottom to gain its full value (there’s quite a bit of info in there!)

How bad are they in default any leans on the property?