@Todd PultzLikely doesn’t help much but I interpreted what Joe was saying as selling to do 20% down on 5 more.

Interpreting them correctly is quite another thing.

You are basically saying I will go month to month if there is a problem with you but they could interpret that you are a going to violate for any number of smaller lease issues. 

It's dense and not always easy to interpret but it's all there.

Stocks are measured using a Price / Earnings ratio (ref: http://www.investopedia.com/university/peratio/peratio1.asp) Although a simple indicator to calculate, the P/E is actually quite difficult to interpret.

Some of it appears inconsistent and could be open to conflicting interpretations.

Of course, the state's revenue department might have their own interpretation.

Just like a banker does not come by your home, even though the Deed of Trust probably allows by some interpretations.

Not saying you are interpreting the data wrong or have the wrong data, but if these types of same patterns seem to occur often to you, then I would be more inclined to think you may have bad data or understand it incorrectly.

Thank you.Did I correctly interpret your response in that (i) you think at least a primary LLC is the right way to go, and (ii) only if you have a ton of equity in an individual property does it make sense to separate into separate LLC... having (in the hypothetical example above) $50K equity in an individual property (~12% of Bobby's net worth) does not warrant the headache of having a separate LLC.