I'm also not a big rules and red tape fan either, many COAs I've seen require their own application from the tenant which can really slow down my rentals.

Sean Breslin, EVP at Avalon Bay (one of the large apartment REITS) who was also on the call said that one dynamic that they really look at when selecting markets is job growth vs. new supply and sure enough M&M Research had a slide on that too: The rule of thumb that you hear from the institutional guys is that on average it takes about 5 new jobs to fill a new unit.

These esoteric 2%, 50% rules...

I used to write everything down on scraps, then I graduated to ruled paper.

Those that have broken this rule (now up to 6 after seven events over a 3 year period) are never allowed back.

Using the 50% rule?

Those can be ruled unenforceable.

Is there a reason you are ruling out conventional lending?

Make sure you are familiar w/ all of the rules IRT condo conversion in your area.

One gets "preferred" treatment (a pet) vs the one in the protected class does not.I only say that because Bill had conceded that he would allow them a pet after the fact so he obviously doesn't have a hard and fast rule against pets.