Its so important to give accurate information and not make promises we can't guarantee. 

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

This is by no means a 100% guarantee, and you’ll hear many rejections.

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. 

Does anyone have experience with applying, qualifying, or building with the Guaranteed Rural Rental Housing Program?

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

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.