Conveniently paired with no recourse afforded to the property owner.

This gives me the flexibility of having a couple in the queen room, another couple (or unrelated pair) in the double room, and kids in the bunk room.

Anyone can come up with a pair of competing theories for why one might  be better than the other, which theory is true depends on when you are asking, I can't predict what the future might bring, but I'm not really super loyal to any particular mortgage distribution channel.... a lot of old time mortgage brokers became bankers after the crash (banks got bailed out, brokers didn't, broker market share dropped to like 0.1%), and remain bankers in spite of the market switch, just because they are old and comfortable and don't like change. 

They are usually paired with an LLC or other legal entity.

Right now my debt to income is great paired with excellent credit, and I plan to use that to aquire some buy and hold investment properties in the future.

Unsecured borrowed funds can't be a down payment paired with a FNMA loan, but secured borrowed funds can be.

When paired with black and stainless appliances it looks spectacular!

I think the most crucial thing about long distance real estate investing is having a pair of very reliable boots on the ground.

Once I pair those with a nice quartz from Floor and Decor or Lowes or Home Depot, the kitchen always pops and is the best part of the house. 

Thank you for your thoughts.Neil My understanding of the way this works, with the layers of abstraction (such as MBS) removed...Now: They hold a pair of $500k notes purchased X months/years ago.