However, I have gotten very familiar with the properties in the county that I concentrate on and have purchased liens on the same properties multiple times over the last few years. 

The developers concentrated on that area over the last few years and created a glut.

My areas of concentration have been Billerica and Framingham as the price seems to be fair and I would be getting a little closer to work. 

We’re a meet up for all asset classes with a concentration on multifamily, and mindset will be central to our group.

Then when the market levels off or dips, concentrate on buy and holds.

I began, like you, as a buy and hold investor but have ventured into a couple other areas as well.Be sure to check out the podcasts for concentrated and entertaining REI education. 

From what I've been told you really need to concentrate on SEC regulations when you are crossing state lines with $.

It sounds like you want to concentrate on flipping houses . . . what is it about that that intrigues you?

We are a avid fan of using LLCs to hold our property for a number of reasons: 1) The liability issue, so we hold about $5 million (approx 20 to 50 SFHs) per LLC as a way to place a firewall between all of our holdings; 2) We use it as a way to concentrate our holdings for easier tax filings (ie, our FL LLC only holds FL property); 3) Investor ownership to allow each investor to be segregated in what they actually own.

SO, HAVING OR EVEN ALLOWING THE LOAN OFFICER TO FILL IN THE BLANK WITH A ZERO IS NOT A TRUE STATEMENT, NOW GO TO THE BOTTOM OF THE APPLICATION AND YOU WILL SEE THE PENALTIES FOR MAKING A FALSE STATEMENT OR OMITTING INFORMATION WHICH WOULD IMPACT ANY LOAN DECISION.ANOTHER ASPECT OF SMALL PORTFOLIO LENDING IS SOMETHING CALLED LOAN CONCENTRATION.