Your property could be subject to federal seizure (rare, but possible). 

There is a thread in another BP forum debating the merits of keeping your RE mortgaged in order to make the asset seizure less desirable in the event of a lawsuit.  

Execution Notices, Notice of Seizure/Posting, AdvertisementOnce a tax bill is delinquent, and execution notice is issued upon the property for which the tax bill is assessed.

It has not filed for bankruptcy.The creditors meetings haven’t been particularly enlightening for creditors wanting to know where their money went.At the first meeting May 26, Van Gundy told those listening roughly a hundred times that she didn’t remember, recall or know the answer when questioned.That meeting, also conducted by telephone, was cut short after Wilkins said Van Gundy had suffered two seizures during the proceeding.The meeting was reset to June 23 but it also ended early because she had a seizure, her lawyer said.

Remember, there's no seizure without just compensation.

While many of the requirements are "good" in theory, like backflow prevention devices on hose bibs, to me it is unfair if they don't require this on every house vs just rentals.While some people think it adds a level of safety or "upgrade" to the community, to me it is a cost and that cost will be passed on to the tenants, who could by choice decide to live in a house without the checklist vs living in one that requires the checklist.To me it is a violation of the 4th Amendment....illegal search and seizure. 

Common tasks include guiding (for example, blind, severe physical disability), alerting (severe diabetes, seizures), retrieving/operating (pushing buttons, switches, etc).

And there is a whole LOT of things that can be done from wage garnishments to bank account seizures, property seizures, vehicle seizures, oh yeah a whole laundry list of fun.     

Defaults and Remedies A default exists under this note if (1) Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note; (2) (a) Borrower or (b) any other person liable on any part of this note (an "Other Obligated Party") fails to timely pay or perform any obligation or covenant in any written agreement between Lender and Borrower or any Other Obligated Party other than as described in (1) above; (3) any representation in this note or in any other written agreement between Lender and Borrower or any Other Obligated Party is materially false when made; (4) a receiver is appointed for Borrower or an Other Obligated Party or any property on which a lien or security interest is created as security (the "Collateral Security") for any part of this note; (5) any Collateral Security is assigned for the benefit of creditors; (6) a bankruptcy or insolvency proceeding is commenced by Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; (7) (a) a bankruptcy or insolvency proceeding is commenced against Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party and (b) the proceeding continues without dismissal for sixty days, the party against whom the proceeding is commenced admits the material allegations of the petition against it, or an order for relief is entered; (8) Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party is terminated, begins to wind up its affairs, or is authorized to terminate or wind up its affairs by its governing body or persons, or any event occurs or condition exists that permits the termination or winding up of the affairs of Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; or (9) any Collateral Security is impaired by loss, theft, damage, levy and execution, issuance of an official writ or order of seizure, or destruction, unless it is promptly replaced with collateral security of like kind and quality or restored to its former condition.

Those people have redemption rights, but they cannot foreclose or have a sheriff's sale or IRS seizure, etc.During the first three years, you can get the owner to release their redemption rights.