Some were lending arrangements, but one as the holding company, one management, one construction flips besides the lending entities.

We would still need a loan (looking for a guidance line with a local bank) to help fund purchase and construction costs.

How comfortable are people here in general with building specs in areas that can support new construction?

I'm wondering if your concern is really about exterior finish but rather the horrible and depressing construction quality and lack of architectural distinctiveness in loads of CA houses.

It's an endless list of concerns and I'm betting it's over priced, they usually are.

Speculators use these highly leveraged instruments to make bets.

Agreed J Scott, and I bet what the appraiser will say is that the comps used were most similar to the subject.

Quite a few houses under new construction as well.

This was inevitable, but still very interesting to see which big names are surfacing first.Builder Is Constructing REIT for Home Rentalshttp://online.wsj.com/article/SB10001424052702304451104577392383812726556.htmlIt will be interesting to see what other big players pop up in this space and in what capacity.I'd love to hear the group's feedback on this.For those pursuing this or serious about it, please let me know.

Prices are heading up and stable, new construction is up over 2009, rents have gone up, commercial is lagging as to value but is stable and new business starts are up.