Some context to what is going on in Colorado in the rental housing world - Greg,Exactly why I have all but eliminated section 8 tenants from my inherited properties.The bureaucrats have more rules for the landlords (providers) then they do for the tenants getting the free or subsidized rent.Yearly inspections where they seem inclined to find any violation, no matter how miniscule.

They might be inclined to add up the total unit count or value of all of that real estate and claim to "own" X units or $X of real estate. 

Right now I am focussing on Memphis, Jacksonville, Alabama, Akron(OH)My goal is more inclined towards cash flow so I can build a stream of passive income and obviously I would not mind appreciation.

Or, you might be more inclined to pay their (too high) price if you can get better terms.

She also told me there was another offer coming in the same day I submitted mine, inclining me toward offering full price, but she did not check (or let me know if she did) that there were in fact no competing offers before I summitted mine that evening (the house had been on the market roughly 60 days at that point, which is long for this area). 

I'm inclined to believe the management on this one.

But if it's a refi from one conventional loan to another, I'd probably be more inclined to pay the fees up-front and lock in the interest rate while it's at a historically low level, and just avoid the refi altogether.

In addition, if you wrote "no lender would knowingly originate a loan subordinate to a tax lien I would be more inclined to agree with your statement. 

Bottom line: Simply pit one group against another to sow seeds of class envy hopefully in an effort to reap the harvest of people's very worst inclinations to harbor resentment at those who are perceived to have more than they do.

Recently I bought a 3 unit in the Incline Distinct of East Price Hill.