The time frame between ownership would be the key issue, and to my knowledge there is no minimum on that which leaves a grey area open to interpretation.

It could be interpreted that the principals are looking to make more money than allocated to them by the fund.

The tax law can often be interpreted incorrectly upon looking up one basic thing.

Your interpretation of my situation is correct.Given my criteria for having a more finished house it seems like the 1.5-2% rent is unattainable and I have found that to be true in the markets I am looking in.

As I said, I literally completed one of these refi's back in May with the exact same scenario and they had no problem with it.This bank's objection may be an overlay or a different interpretation.

I don't really care if the ratios and other interpretations of numbers look fancy or if I can brag about them at a cocktail party.

They could interpret the CC&Rs a little better, but they wouldn't be able to do anything official with the financial data.

If at any point, the tenant has canceled their above listed credit card, this will be interpreted as voluntarily ending the lease, effective the date of cancellation.

How do I find out who is empowered to interpret the clause above that was inserted as an amendment?

However, we need to wait for clarification of the interpretation of new legislation passed last year that might allow such advertising within specific guidelines.