Because down the line, if they complain about something, all those documents protect YOU the issuer, and you can point to the paper that disclosed EVERYTHING.Like @Jeff Greenberg said, structure does not dictate whether or not something is a security.

Hands are tied by people dictating to us what our jobs have to be rather than what they could be.

I will probably continue investing locally because I’ll need to owner occupy the first few but definitely see the next step being out of town investments if I survive the intro period. check the rules federal law dictates that a owner occ in a 1 to 4 unit does not have to follow federal fair housing.. so I would check with local attorney who knows his or her stuff you maybe exempt if your owner occupying 

I don't want to resent those close to me for letting them dictate my life. 

If you are a current owner and are currently at or near market rates and competent enough to keep up with the annual increases you are in great shape and your value and rents will only increase no matter what as supply plummets for both rentals and sales and cash flow will dictate value.

No one dictates to them where to live in this country and there are a LOT of less expensive places to live and work.

Point is, I rarely carry because I rarely place myself in situations that would dictate the need.

I have a full time job that I like but I just want to get out from underneath a company that ultimately dictates my future UNLESS I start to dictate it myself!!

Let the market dictate the rental rate.

They hold the notes so they dictate their terms not the feds.