Personal guarantees add an extra level of commitment from the borrower.

Many people think that they can or should be able to cut out a realtor or broker based on their opinion of the level of effort they've made OR the fact that they went around their backs and tried to negotiate directly. 

look at your experience level with reality in mind.I would want to feel very comfortable about those things before spending time on deals and money when i had no real capacity to transact no matter who the lender was.

Local level is where you need to worry, not federal level.

Our understanding is it spirals from there and ultimately results in the structure no longer being grandfathered mainly due to the level of unpermitted work that was performed.

A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources.

The market-rate housing is made affordable by having a landlord that accepts Housing Choice Vouchers (aka Section 8) and charges a market rent that is below the payment standard.Public housing authorities (PHAs) typically set the payment standards based on HUD's fair market rents (FMRs) at the county level of geography.

Make sure the rock and the containers are level or the doors won't work right. 

If I follow your second statement, are you saying that instead of continuously pulling equity out of the existing portfolio to fund expansion that you would grow to 6-7 houses and then consciously shrink the portfolio down to 5 with much higher equity levels (potential upscaling the quality of the houses in the process)?

Originally your CoC return was roughly 14% (14,400/100,000) then it jumps to roughly 42% at the new level.