This was a sign of serious intent on the part of the client.  

Otherwise, how could they possibly apply the $1MM limit across other asset raises especially if there are minor differences of the principals involved.I have no idea what the intent is, just speculating on how it could reasonably work.  

@Chris Clanton it depends on the intent of the transaction.

My intentions are to get with a smaller broker that has a well established property management portfolio and investors mindset.

Depending on what your intent is, if it is appreciation ( "in my opinion" ) it seems that MFR does not appreciate.

I have decided that I will acquire residential properties in the small towns and rural areas around where I live, as I live in a rural area but have easy and quick access to several different places of opportunity.My original intent was to go cash only.  

Our intentions are to buy asap, then live in and pay down the mortgage by renting out a FROG unit.  

Its all about intent.

For instance could I get a HML for this type of strategy because I have the intent to cash out refinance within 6-12 months and repay the lender?

That will help show 1. your business intent 2. allow you to possibly draw a salary and open a 401k etc. 3. help banks treat you much more seriously.