What the rules tell us is that you may not personally benefit from the IRA (i.e. paying yourself to manage) or provide benefit to the IRA via the provision of goods or services (i.e. swinging hammers).The general interpretation in the industry is that you may administer the investments of the IRA, so activities like screening tenants, signing a lease, collecting the rents, hiring vendors to do repairs, etc. is acceptable.  

In order to appear "well put together", agents must be able to interpret data and housing market coverage in a way that is relevant and useful to your client and answers their questions without provoking unnecessary fear.

That's certainly an incorrect interpretation.

Am I mis-interpreting the Act?

But in reality these “classes” are subjective, and different people will have different interpretations even within the same market.

The appraised value must reflect the entire 40–acre parcel.So, I interpret that as subdivide before establishing financing.

If they don't have a written policy, then you can interpret as you see fit based on risk level. 

I am trying to convert a non-basement unit, however it's conceivable that converting a basement unit is even more restrictive, perhaps due to restrictions on the depth underground a bedroom can be, regardless of egress windows (not sure about Union City's interpretation of laws like this).Second, the actual permitting and construction process is and has been beyond insane.

.), and this is within the AZ law based on my interpretation (I am not a lawyer).

Because of this there are a LOT of misunderstandings and information is coming slowly, to those who either don't know how to find it and/or don't know how to interpret legalese.