They interpret it as an attempt to pull out gain and could disallow your exchange.Secondly, the rule is a two part rule.

Their policies are full of legal and industry terms that can be difficult for the layperson to interpret correctly.

The way I interpreted the conversation is: there is "a program" that's catered to vets to help with housing. 

If your lease is written that rent is not considered late until 5 days after its due, a judge may interpret that to mean rent isn't really due until that later date and throw out your 5 day notice, sending you back to step 1. 

Self-employed can mean a lot of different things in terms of income interpretation depending on how much your accountant is trying to hammer down your bottom line.

Of course this is open to a lot of interpretation but I think my point is valid.  

@Chris DeSisto I want to expand on this a little because the interpretation of mortgage banker here doesn't seem to fit my company or some of my largest competitors either.The difference between the basic terms broker and bankers seems to stem from one major deviation and that is whether or not you fund the loan yourself as a company.

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