Here is a clearer explanation...What is the penalty if I don’t comply with Dodd-Frank and I’m not exempt?

If he said yes I'd be back on the phone to the management company for an explanation.

I'm actually the "original borrower" in your explanation :-).

My attorney gave me a compelling explanation if it all.

He owned 2 other rentals and his wife would bring him a hot lunch wrapped in foil.His explanations were brief, but I got enough out them to come back time after time.Then one day I showed up and he was on the roof, moments later he was off the roof.

Somethings, like depreciation, can be added back into your income DTI but if you have written off a ton of improvements and things it can either require a Letter Of Explanation (LOX) or they might not allow you to use it at all.Also I don't see what type of property you are buying, another rental or a new primary or? 

With this particular post about wanting to learn as much about this niche as possible, I feel it takes more of an explanation than listing a few books. 

@Ashish Acharya Thank you for your explanation.

@Glenn D. with your explanation, no more roadblock.

Long story, but I had a seller who was going to reneg on his contract, go with someone with the higher offer, due to delays in closing, and not pay broker fees besides since the broker contract expired.My attorney's explanation is there's no limit as to how many P&S contracts the buyer enters into for the property, but ones with public filing takes precedence over those not, and in the case of multiple public filings, the ones dated first takes precedence.