I've lost money on deals that I took a gamble - Detroit homes with more taxes owed than the value of the property, and I've made money.What else can I tell you?

I've read up on local (Massachusetts) law/guidelines regarding utilization of security deposit but it's pretty vague in this regard. 

HUD used to give a guideline of 2 per bedroom +1, but that was a guideline and not the law.

No, this is common for states to not follow the federal guidelines when it comes to bonus depreciation, there is no exemption or other work-around.

You still have to follow Fannie/Freddie guidelines.

Otherwise, you are just gambling that the bank will not call the loan if/when they discover you have left the property (which probably states it will be owner occupied in your loan, if it's a primary) and are no longer making payments. 

PM me for advice, but here are some general guidelines that I live by:By the location, not the tenantRead the lease! 

Which leads to the funding...I've used hard money for flips but this is too rural for their underwriting guidelines.

With our offering we are following SEC guidelines and have a lot more stringent requirements that we must follow compared to crowdfunding and definitely a 506 offering. 

You only need a license to originate paper if the loan falls under the TILA RESPA guidelines.