@Shaun Hunt believe what you really want to do is start a "Master LLC" that can function as a PMC.You would then sign management agreements between Master/PMC & property LLC's and have all income & expenses run through Master/PMC LLC, and only have to "settle up" annually with the property LLC(s).Check with a qualified tax professional.

We have about $200K equity in our home, both of us are independent contractors / business owners who write off a lot on our tax returns - so I’m not clear if we have to take what we can get or if these terms seem in the realm of normal.  

I would get whatever is agreed in writing if they linger. 

So that one is most likely a complete write off.

(An exception is if you own 5% of the company you work for)Agree, this is a great summary post on REPS with core concepts on how to qualify. .I think the complexity comes in when people have edge cases - it becomes difficult to write a simple short post that educates everyone.

I am assuming I can write the offer as cash, so long as the private funding is guaranteed otherwise I may put my EMD at risk. 

You can also request to have PMI canceled earlier if you meet certain requirements: You reach 80% LTV in your home You have 20% equity in your home You have a good payment history You have no other liens on the home You can request a PMI cancellation in writing to your lender or servicer.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

I don't "do" emotions when writing my replies.

Had not done a cost segregation study when I purchased these two homes, but understand you can calculate a value  to write off so you are not depreciating two roofs...using salvage value or producer price index.