As such, I interpret this that if you receive a PPP loan, but the loan is not forgiven, you qualify for this relief. 

More than a 25% reduction, but my interpretation of the CARES Act is you qualify.

But the attorney won't have the ability to but the interpretation of the code onto the real life scenario like a design professional will.Hope that helps, good luck with the project.

Hopefully I am interpreting it incorrect as we will benefit us more if it is not the correct interpretation but it doesn't look like that based on the verbage. 

The way I interpreted the article is that it's simply a temporary suspension of payments. 

Not sure how you're getting to the point where you're interpreting net equity on the balance sheet as a loss...If this is a SMLLC taxed as a disregarded entity, you would just distribute the remaining cash to the owner and clear the balance sheet. 

I'm interpreting it to mean anything above and beyond merely holding a non-productive real estate or personal property asset means that you're running a business and would not qualify for exemption here.Operating rental real estate would certainly be more than merely owning the real estate asset.I would register the LLC as a foreign company with the GA Secretary of State. 

You should be able to interpret it :)  That is basically what a re-rent levy is.

I'm curious to how the banks/VA are interpreting the no limit on multifamily properties.

That was my interpretation.