If I understood him correctly their is a limit on the number of Gov't subsidized loans .

Not anything big time, but enough that he understood what I was looking for in the very beginning and that I'll be pretty slow to grow (unsure if i want to stick with single family or more to apartments).

In the end we understood that the seller just wanted out, didn't take care of the place and was not a sophisticated investor.

I've never understood the definition of millionaire.  

Up until now, I thought I understood the Fed's motivations, but it appears I miscalculated.

@Jay Hinrichs@Jason LeeNYC is FAR different than any other City when it comes to Real Estate.There is no City Wide MLS but rather several MLS that a Brokerage can become members and NAR is not one of those.The MAJOR MLS's are:REBNY - Real Estate Board of NYThis one is for MOST of the expensive areas of Manhattan and BrooklynBrooklyn MLS - This one is for the other areas than the expensive areas of BrooklynLong Island MLS - This one is used primarily for Queens, NYCStaten Island MLSThen there is StreetEasy, Craigslist, etc.Because there are SO many MLS.... it is easy for a Broker to list their Property on one MLS and then not follow the rules of the other MLS that they belong to.I don't think Jason really understands the level of corruption and Games that Brokers play.Because I started a Brokerage as I became a Broker and I have been an Investor for 21 years in the Brooklyn Market, I have seen a LOT of it.I thought I really understood it until I opened up the Brokerage Office.Now I think I got a full understanding and I know what to do to ensure I am fully insulated from the Games that are being played.Brooklyn, if not all of NYC, IS the Wild, Wild, West of Real Estate.I resolved a very difficult situation just recently involving a $400k Earnest Money Deposit.

I am going to move from California to Washington State.I am considering renting out the home I own in California, but the property manager mentioned they normally withhold 7% for the CA Franchise Tax Board for out of state owners (if I understood correctly).Can you perhaps clarify how this works and which state decides how much tax to pay on rental income?

I also understood as a realtor that I got some special treatment of the activity that took it out of passive? 

Thanks for the response, I have only done research online so i could have miss understood the jumbo loan thought it was similar to a portfolio loan were i could use the money to buy many property.

Also we had another property pending one point that was also a short sale and the EM wasn't requested then either before bank's approval - hence understood that was the protocol, but I guess was mistaken on that one.I don't think we were too high maintenance buyers at all actually.