There is another single-family program going for 60k and I won't mention the company name as I'm not here to discredit any entity from doing what it does best for itself.Now for the dummy side, the term Commercial Real Estate is not clearly defined when thinking about residential property, and I bet no one knew that. 

Specifically, I'm looking to understand:What exactly constitutes Property Accounting versus Corporate Accounting?

I bet a lot of people would be attracted to the property just to stay with the "ghosts".  

Your best bet is to network at a local REIA and find a good private lender or other investors who will do a joint venture deal with you. 

There are no loopholes and if you operate outside the rules you will be shut down, it is only a matter of time.You are correct, unincorporated Pinellas County versus Saint Pete have different rules. 

However, if they do, they are likely just 'okay' with it and would likely leverage the 10-07 market rent analysis on the appraisal to actually calculate and determine the official DSCR during Underwriting.Hope that helps, if you do have a tenant who is willing to be flexible, the 12 month is always the safest bet.

Honestly that's what I'm betting on!     

There's nothing inherently different about re-leveraging a property versus a brand new mortgage. 

(pretty good bet things aren't going to 2% any time soon)We have wound up restructuring several notes to our benefit because the owners were really happy to have the income immediately

The problem is there are a few more considerations versus say a 4 plex or similar investment.