She thinks it's a bit of a grey area -- not specifically defined by the new code and thus left to interpretation. 

If yours average longer than 7 days, then you have to rely on REPS to deduct the losses.As far as hours, please keep in mind that most of the answers are interpretations, since the law and the court cases give us some guidance but not really a black-and-white test. 

You said you were going to live in it (that's how I interpret "out first home"), so why not buy a two flat, fix it while living in it (with a reasonable mortgage and use your $500k for down payment and renovation), and THEN sell and buy another that you can THEN present to the bank as a fix and flip, showing that you have some experience under your belt?

I don't have more information on how exactly these are to be interpreted, and if services such as Rhino count for the installment ordinance. 

You can choose to interpret it any way you wish.

As far as prices -this is a long conversation that is open to interpretation.

Apartments.com believes tenants should have the right to be irresponsible.Their interpretation of FHA is incorrect.

Maybe I need an interpreter. 

Makes it a little more difficult to determine a deal....or maybe I need to change my interpretation of a deal.  

Could someone please help me figure out how to interpret these nubmers (as oposed to putting my money in the stock market)?