It's so silly how many people misunderstand the concept.

@Glenn Banks I might be misunderstanding a section of a book I read that states (in reference to items to include in the Independent Contractor Agreement): "State that no subcontractors are to be hired without your approval.

Received a call from agent no more then 5 minutes later with the following "I was speaking with the owner and I guess we had a misunderstanding.  

Whether to play Devil's Advocate, or out of genuine misunderstanding, you are confusing level of comfort with a rational financial decision.

Could have been a misunderstanding also but like others are saying...

Don't misunderstand me, most town have really posh and above average neighborhoods.

Bill G is also a guy to gain comments from around the BP boards so it is always good explore here in the Note forum one of us are usually around sooner or later.From the last part of your post I garner you have some misunderstandings about the "real" loan market.  

Or...I'm misunderstanding something. 

Any misunderstandings have been between me and the PM - like neither of us reading the lease agreement on who handles pest control.

No, you have a lot of misunderstandings of taxation and the basis etc.