They are not 100% consistent, so meeting one code does not guarantee you're compliant with a different one. 

Many do not and think the return is guaranteed which is a big mistake.Right now is great for PML since property appreciation is likely stalled - in 3-5 years going back to buying real estate might be more lucrative. 

A 7% guaranteed return on new debt is a lot different than a 3.5% guaranteed return on my existing debt.

its not realistic to buy land before the rezone has been done.. what happens if it fails.Unless the rezone is basically guaranteed.. also the issue is cost of money holding land that long .

I guarantee that historically the risk associated with sitting the sidelines has impacted at a higher rate than the risk associated with an RE crash.  

I suspect they drew you a flow cart and then your conversations went something like this: I need to transfer my properties to an LLC for anonymity.They are told they are not anonymous & that is not asset protectionBut I need it anyway for tax savings.They are told there’s no meaningful tax advantages  But I can get non recourse debt because the LLC is the borrower.They are told they still have to personally guarantee the loanNo, I can get non recourse debt I read all about it.They are told yes, while that is true, the leverage is customarily low, applies to much larger CRE transactions and there are still carve outs.

I also highly recommend going with a section 8 government guaranteed rental property.

Quote from @Marie Magno: People love the "guaranteed" rent from our BS welfare system, but it's not guaranteed.

Ultimately the debt will still be recourse meaning you are personally guaranteeing the loan. 

No personal guarantee required.