Next 61.34 makes an important distinction between a "distressed home consultant" and a "distressed home purchaser", and between a "distressed home consulting transaction" and a "distressed home conveyance". 

I think you mean "distressed property", which 61.34 actually calls "distressed home".The distinction appears to be critically important in 61.34.

Grouping everything together into the "residential" category blends together crucially distinct data resulting in an arbitrary and bias answer.Govt financing, conservative underwriting and management execution properly combined; make multifamily (in my opinion exclusively workforce housing vs luxury, student, low income, etc) the BEST risk-adjusted return of all real estate asset classes.Any other (friendly) thoughts?

We don't allow smoking of any kind.We're in the process of an apartment turnover where our former tenants really loved scented candles, using them quite regularly.

Of course, sometimes I pay the tenant for doing side jobs but it is always distinctly separate.

There is no distinction between some of the $ that is pretax and some that is after tax.2: If you leave your job or get fired, you have 60 days to pay it all back otherwise IRS views it as a taxable event as slaps you with ordinary income tax on all of it plus a 10% penalty for early withdrawal.

It's just not my favorite investor product.Waterfront is usually a solid buy if you can get it at good value.Homestead is a unique and distinct market. 

This distinction does not matter for work done to make the property ready and available for rent.  

There's on obvious distinction we're treading between something being legal and something being ethical. 

There are literally hundreds of cases on the distinction between inventory and property held for long term gain under the personal income tax provisions of the Code (following a fact-based case by case analysis), the provisions relating to UBIT are not so well elaborated.