For that matter, many real estate attorneys are unaware or choose to interpret it as a non-issue. 

Cities are interpreting building codes as they see fit.

Second homes are restricted to 1 unit properties, must be suitable for year round occupancy (the way I interpret that is STR is acceptable as you can schedule yourself to stay whenever), Must not be a rental property (LTR is out of bounds), you must occupy the property for 14 days out of the 1st year, and cannot be managed by a property manager.

It's legal interpretation and if my lenders are NOT getting in trouble, neither am I. 

@Mario AmThe Appellate Court of Tennessee disagrees with you in their interpretation of the Tennessee Real Estate Broker License Act...at least if you hang your hat on the concept of equitable interest. 

But only after seeing what happened, did i interpret what was in the contract to mean what they meant.

Data is great, but you need context to be able to interpret the data.

Without knowing the financing terms, the cash flow estimate could be difficult to analyze (i.e. a good cash flow on 0% LTV is not necessarily a good investment and probably more likely a poor investment).What I have found is there seems to be many interpretations on the term "cash flow". 

I interpret the Redfin analysis to say that the neighborhoods it analyzed are equal in all aspects except race, not that any particular area merits housing stock improvements or gentrification as you've shared. 

Likewise, PM fees are based on those convos as well.That really leaves me with operating expenses and capital expenditures as the two primary areas that are up to interpretation.