Here are just some examples:Loan collection reportsAll telephone collections must be recorded and kept on file, a monitoring program and training must be in place.Toll free numbers, payment books or EFT arrangements made, notices of changes of payment or address at 90 days, active accounts with contact information are confidential requiring security measures, accounting software must be verified compliant, there must be a loan resolution program in place dictating how and when complaints are transmitted, issues addressed within the required time frame, offers of any modification noted such as allowing a few more days to pay without penalty is a modification, must be recorded and portfolio servicing records must be on file in good form for examination, I could go on.....There is the law and there are matters absent of requirements or exemptions and there is then reality, you're right, third party servicers are not required for small lenders, compliance with servicing requirements are.

We're not into the racing scene but do quite a bit of Chase-truck and support vehicle modification for the racers.

If this person needs a caregiver I would ask what modification if any would they be making.

When your goals necessitate large short term gains, you have to be willing to (1) work harder and longer on every deal (2) take more risk to invest in higher return investments (3) utilize a greater amount of debt to leverage your gains ( an hopefully not to magnify your loses and (4) spend a significant amount of time gaining knowledge of a specific real property market either geographic, property type, investmet type or all three.  

How would they have been different if you would have been consulted except that the PM has more work in having to deal with you at every step necessitating that they charge you MORE for that extra work?!?

I own 5 properties and I have a lot of experience in hiring contractors for repairs and modifications.

It appears to be a basic modification to the operating agreement, considering the shared ownership.

Does your current tax advisor keep you updated with new modifications to the tax code?

The mortgage now is about $2500/month with a modification. 11% interest on the second mortgage.  

No - this is a pig farm with extensive genetic modification in place.