I don't see much wrong if an individual wants their barber to perform a tooth extraction or a blood letting, but the state wants dentistry, medicine...and even barber's to be licensed and to perform only the activities that they are licensed to do in order to protect the public interest.

Not sure you could underwrite the tenant in any meaningful way. 

Obviously in small midwestern towns, cash flow is king and the only factor, as we all know there's little to no meaningful appreciation..   

. - I earn a strong income relative to my my investment- I could cover my investment’s expenses even if I received no rent, ever- I have a Strong Cash Position + Access to Liquidity:- I have the Down payment in cash (even if that down payment is 3% or less)- I have cash for any anticipated Closing Costs- I have cash for any anticipated Rehab Costs- I have access to plenty of credit and short-term financing, after the mortgage, should I need it on top of my cash cushion- If I don't have a strong financial position, I have a financial partner who does- I have a Strong Credit Score (700+)- I have or will commit a Meaningful Amount of Time to Real Estate, especially upfront- I am willing and able to DIY everyday household projects if necessary, and/or am willing and able to skillfully hire and manage contractors and property managers- I have Strong Analysis Skills - I know what a “good” deal means to me in my target market and can analyze a potential deal in 15 minutes- I have a Strong Economics Foundation- I Understand terms like IRR, NPV, CoC, ROI, and CAGR, and have a preferred way to compare investments- I Understand macro factors (supply, demand, interest rates)- I have a strong understanding of local market (zoning, easily calculate ARV, “path of progress”, etc.)If you can answer yes to all of this, then you should get going - no reason to wait. 

It is almost never worth it to enforce a SFR real estate contract with litigation...in your case, definitely not worth it.Consider that your word is your bond and should be more meaningful than a signed contract. 

They are just normal clerks trying to be helpful to the best of their abilities.Over the course of more than a decade in this field, I cannot tell you how many times we have taken on a new client - or in some cases rejected a "poisoned" account - where there was information provided to a client by a custodian that was completely off the mark and put the client very much at risk.Your point about wanting to have meaningful guidance so that you can adhere to the rules is critical, and is one of the most important things to know and understand about using a self-directed IRA or Solo 401(k). 

The agent who sold them to me told me that the Zillow numbers are not meaningful.

In this case, you might want build in a prorated sliding scale commission for how much equity you are able to extract from each refinance. 

It costs you rather than makes money for you.It is no more meaningful than saying the clothes on your back are liabilities.

I think the study was done at UCLA and their take was the low income non english speakers don't come to LA/Cali in meaningful numbers now.