When you give a family member below market rent, you're actually "gifting" them the difference (again a CPA interpretation may be different), but that's an expense that you can't deduct (unless your CPA can put a value on it).

However, two of our neighbors had the exact opposite interpretation and they were not happy when we started to rent out our house.

Tony Your interpretation is spot on and correct.Individual banks, lenders, and even loan officers, are allowed to impose additional restrictions that are more conservative than what Fannie allows.

There would be some advantage here, a non-trivial pricing advantage but that's not really where the 'action is' for landlord loans. 8 different lenders can read the exact same Fannie Mae underwriting guideline, and interpret it 8 different ways.

Why not take an alternative route and speak with  a few local real estate attorneys as well as a few securities attorneys, so that you could make an intelligent decision based on these consults.Here's what you may expect the PPM will cover:https://www.biggerpockets.com/member-blogs/10850/87614-interpreting-the-private-placement-memorandum-ppmMy best!

@David DuCille I hear you and I have my own interpretation here. 

I'm excited to use these awesome calc's. as much as possible, but I did have a slight difficulty interpreting what exactly the results meant.Please advise, first of many.- KB#shorttermrentals #townhomes #lenoxpark #EastLake #Kirkwood #ChasingFlippingCommas #BuyandHold #BRRRView report*This link comes directly from our calculators, based on information input by the member who posted.

I like to remind these individuals that regs are just interpretations of the code, and unless the code states in black and white you can’t do something, then we should approach it with an open mind.

The quality of home inspectors varies greatly based on:- ability to identify all relevant issues (no inspector will find 100% if you include minor issues)- correct interpretation of the issue (minimizing/maximizing of the issue)- ability to answer questions in a factual and practical way- quality of the report, easy to read, easy to understand (for the seller, who was not there!!)

As far as I’ve seen, no SBA lenders lend on AirBNBs, though, I may be wrong, because each institution interprets the rules differently until they are reprimanded and told otherwise.In regards to the current situation at hand, it appears as though the government has already started bending the rules of the program.