This may be a simple case of the realtor having insufficient technical understanding.

@Mike Street this is really simple and so far only 1 person touched on it (@Michael Ketchen), but the short version is because your completely disconnected from reality in what your expecting. 

Keep it simple.

Simple formula is you raise say $2 million in equity from 10-40 passive investors.

I presented him prior to June 1 and he shot back that my lease was full of holes while it is a simple residential lease. 

Get to know the investor or private lender needs first.I've done equity and I've done private lender with simple interest.

This is a huge liability on your part, and so simple to do the right thing

Your wrong, plain and simple.

@Kent Santin keep it simple IMO put 20% down on 1.5M worth of property.

Rolling over from a previous 401(k) to an IRA is fairly simple to do and the custodian you choose to go with can help with that process/instructions, too.