@Kerry Boyle I used Distinct Funding Solutions, it was 12% 2 points.

I may be missing a distinction, is there a difference between a syndicated deal, and being one of several silent equity partners in an S corp with K-1 distributions?

There is (in my mind) a distinction between commercial multifamily and non-commercial multifamily (along with SFRs).  

With Partnership there is really no distinction between the entity and the partners for tax purposes.  

That is an important step-wise distinction in how the contracts would actually have to function.  

Although I'd be extremely worried if you've gone through this with your realtor and he/she hasn't flagged the appraisal vs. assessment distinction.  

@George Despotopoulos  I just for the heck of it googled the HML in Atlanta ... it appears state and NMLS is NOT required for business purpose loans..the distinction in many states though comes with 1 to 4 unit... 12 states don't care if its business purpose if its one to four you need licensure.states I know for a fact areOregon, California, Nevada, Arizona, Minnesota, North or south Dakota ( not a huge market there LOL).   

There are distinct differences in opinions.Operating as an unlicensed broker will require ongoing work.

But if you're comparing a fixer two distinct layouts with very distinct features it's very hard to make a meaningful comparison.In my area I can access foreclosure records which include appraisals, and then use the appraisers adjustments to help me make comparisons. 

The 3x rule can't be said to apply if BAH is all you are looking at, as they have a second distinct category of income for food, and then a third distinct category of income for everything else.Something else nice about military tenants... they have a chain of command.