But I’ll say a little about Los Angeles specifically.

I work better with numbers for examples, so let's say a property is $1.5M, the HML would provide the 20% (or would you need 30% if 7 unit?)

I would say a lot of it is based on their training or their resources that they utilize to complete your taxes.

It is easy to underestimate what a 3% increase in a large asset does over say a decade!  

In the case the way I understood it, if three people get together to form a hard money lending company (say a LLC and each is a member and each contributes X dollars) and they lend you the money - then you are getting money from one company. 

It doesn't matter what Airbnb might say, as a realtor, you have to use the NAR rental contract from you're State and RE Commission or an attorney draft one.

Let’s just say as we head to Mexico for two months this winter, he has no regrets of finally doing it… lol Our current situation (studio in back yard) is the most lucrative I’ve ever done and the property has appreciated nicely in the five years we have owned it.

Call the department, ask for a planner of the day or a planner on call and see what they say. 

I’m curious why you say a percentage for cap ex/maintenance is stupid?

.- The partner brought in a cash contributor for his portion (let's say A, who got 50% of my partner's profit, basically 25% of the profit) to the deal and put a lien on the property.