You'd have to double check with a professional if your interpretation is acceptable, but I wouldn't think so.Don't forget, you still have to own the land underneath.

I'd like to get some of my learnings validated here and also have some questions answered as to how I should interpret some other types (like IRR).

In my experience laws are made up of words, if you understands the meaning of words and how courts have interpreted those words you can understand the law. 

Here're a few educational posts for you:https://www.biggerpockets.com/member-blogs/10850/91065-how-where-to-look-for-to-find-syndication-investmentshttps://www.biggerpockets.com/member-blogs/10850/87614-interpreting-the-private-placement-memorandum-ppmhttps://www.biggerpockets.com/member-blogs/10850/86626-the-pros-and-cons-of-investing-via-real-estate-syndication

My current interpretation is that private financing is ultimately always hard lenders - is that a safe statement? 

I interpret that to mean that I have until the end of the 3rd to get you the rent before late fees kick in.

I'll be the first to admit that occasionally there would be a dispute between the company's interpretation of policy language and the Insured and their attorney's. 

It is kinda of made out to be if a deal doesn't fix this rule then it is not a deal, however, how strictly do people interpret this rule when there is still a lot profit to be made on a deal but doesn't exactly fit the 70 percent rule?

Looking forward to your COC calc and interpretation@Seth Eatonundefined

All depends on the interpretation of your underwriter.