Gates was charged under state law or a municipal statute.

Some BTHB programs are under state bond money, have deferred interest features and other benefits, so not staying in a property under some programs can cause the loss of benefits as penalties, like up to 5 yeas of occupancy.

If they are understating inflation and the homes drop in real terms that means it dropped a lot more in real terms.

Simple and understated.

This then leads to what John mentioned, assuming the option is to be taken and having possession of the property leads to foreclosure proceedings under state law.

If you hide or under state your income to reduce your tax burden this is where that comes back to bite you. 

Others have pointed out the importance of referrals and recommendations, which cannot be understated.

But it is my understating that using a hml keep me from having to use my own funds.

This can usually be done if allowed under state law, which it will be, but some states may require that an assignment must be stated in the contract.

By then a small problem can become a big problem to deal with.A to B type properties at this point in the multifamily cycle which in my opinion is way overheated as sellers are understating expenses, saying 3% vacancy, and that above normal rent growth rates will stay that way forever.