Guidelines can vary but the above is for conventional.You can cash out up to 70% of market value up till you recover all of your acquisition and closing costs if you cash out under 6 months after a cash purchase (no other liens on the property or lines of credit).If you cash out after 6 months you can go up to 75% off the lower of purchase price or market valueIf you cash out after 12 months its based on market value - Its important to make a clear distinction on what constitutes a cash out refinance or a rate/term refinance (regular refinance with less than 2k back to borrower at close).

This is an important distinction because if you're non-conforming due to an approval of some sort (think more like a variance or a special permit) then it's kind of once approved always approved.

"Flipping houses" has two distinct meanings.  

I would guess the next big influence, which I see related to other ideas is not fully separating the distinctions amongst states.  

Just some thoughts.Edit: another poster just mentioned it, but Oakmont also is very walkable with a distinct business district.

Generic box or distinctive design associated with one business?  

Adding to Peter Spiro's comment:  Replacing carpet with inexpensive laminate wood flooring will give the house a distinct, upscale look. 

One distinct difference is the choice of services offered for both licensed and unlicensed investors.  

I didn't see the distinction in the code, either. 

I use the Class distinction the way my Quickbooks consultant set it up - by state, as we have rentals in FL and NJ.