These tenant types have had credit issues (defaulted student loans, bankruptcy, foreclosure, short sale, medical collections) that have plummeted their scores below 600 and shut them out of nicer properties. 

According to the lender, in order to use rental income to help us qualify we have to have rental income declared on our last two tax returns and we only have it on last years.  

How do you settle the debts owed on a property you purchased from a motivated seller who is behind on his mortgage payments and is facing foreclosure or bankruptcy ?

Be aware, PR is near bankruptcy and economics may change drastically.

Credit score = 700+Bankruptcies = noneForeclosures = noneNet worth > loanLiquidity = 9-12 months of debt service coverageLeverage on all real estate < 75%some REI experience (or you have a great balance sheet or low LTV)These will vary by lender and loan size.

I am mostly looking at the providers that charge a monthly fee (ie subscription basis), but you can pull lists in an assortment of ways from various TYPES of categories such as 'Bankruptcy/NOD and PreForeclosure/Absentee Owner/Tax Delinquent/Probate and more. 

I received the HOA declaration today as well and as I am concerned with the legality of one of the by laws."

I recently was discharged from my chapter 13 bankruptcy and am looking to invest in some property.  

It's possible they could get out of paying anything by filing bankruptcy.

I am a realtor ( Tenant knows it well, and I would declare it on contract, as per the code requirement) .