There is a difference as you sort of imply with a limitation in rights to a lien holder to legal and a granting of equitable rights as an owner.  

As the name implies, it limits your liability to the value of the asset.

As the name implies, it limits your liability to the value of the asset.  

I used to get a great response off that thing, then one of the trainers started hawking on it and I kid you not, there were 50+ "we buy houses" ads in that thing at one point. 

What the speaker is implying is that there is no personal liability associated with the loan.

@J Scott I didn't mean to imply that you could.  

Justin:When Thomas asked about legal non-confirming, I do not believe he was implying your house is not compliant with building and fire codes, but was asking if it conformed to local zoning by-laws.We have student housing as well and it has been our experience that most university towns have occupancy by-laws limiting the number of un-related adults in a single dwelling unit (usually to 3 - 5) which are specifically aimed at student rooming houses.  

@Mark Brogan  my suggestion is to take a sales training course given by professional trainers.. pay for good advice..

Because, closing costs imply a formal closing with a closing attorney.

Please correct me if I am misunderstanding what you were implying.