If the assumption is rust, then you can only conclude that it is the combination of metal and water(moisture).

My situation may be unique but they're worth checking out.

At least 10 of those tenants will have 750+ credit scores and a combined $130,000+ income. 

Probably a combination of both.

As Russell says it is "very strict", and again, because it's unique to Maryland, most investors and teachers outside the state have never heard of it, much less know how to deal with it.

@Brandon Richards - looks like you are combining two products and you are talking about Homestyle as well- however there is no limit to the amount of work expect you cannot exceed 50% of the "after improved value".  

I have been active on BP for more than two years, and this is the most unique REI plan I've heard about here or anywhere else.  

@Sven D. check out Oregon Chapter 646A Trade Regulation, specifically sections 700 to 765, referred to in combination as the Mortgage Rescue Fraud Protection Act.

These broad rules of thumb make for fun blog posts, but are too general to apply in practice, and every deal is unique.  

If cash flow is equal, choose the option that has the better combination of other returns.