There's a lot of room in that sentence for underwriter's discretion and that's where they get to make up their own rules and cement them with precedence.Stephanie

@Charles Price Unless I'm missing something...free & clear and break-even should never be in the same sentence.

For what it’s worth, this guy served 5 years of a 15 year sentence Beginning back in  ‘97.

@Paul Callaway You can do any of the scenarios you described in the last sentence.

No doubt @JD Martin you just summed up this guys 13 paragraphs in 2 sentences. profligately??

Any key words/sentences I should add??

I think a better policy is to automatically deny anyone that completed their sentence within the last 3-5 years.

You don't want to end up telling your story on "The Big Short 2: ARMpocolypse".That last sentence is exactly what I'm talking about.

Don’t agree with your conclusion.....it appears the the lease automatically reverts to month, the crossed out sentences simply refer to a proration if the tenant leaves before required date, due to notice of not renewing the month to month.  

With every one, I have to translate it into an investment thesis that I can write out in 3 sentences.