This section shall not be construed as prohibiting any county or city, or any authority created by a county or city for that purpose, from:(1) Regulating in any way property belonging to that city, county, or authority;(2) Entering into agreements with private persons which regulate the amount of rent charged for subsidized rental properties; or(3) Enacting ordinances or resolutions restricting rent for properties assisted with Community Development Block Grant Funds. (1987, c. 458, s. 1.)

They both serve a purpose, but you may need to focus on one over the other to reach your financial goals.Long Term Investing: OverviewLong-term investing includes any asset you hold for more than 12 months.

It unfortunately can't replace quickbooks for accounting/tax purposes so those people double-log their transactions and swear that it's worth it.

So as long as the bank is counting your rental income for you then it shouldn't hinder you when buying a property as your primary home  FOR "DEBT TO INCOME" purposes. 

@Alyssa Paros you are getting some confusing advice so allow me to add my $0.02 to the discussion.You can ABSOLUTELY reject their application.The purpose of an application is to determine whether the applicant is an acceptable risk.

Was it done on purpose or out of necessity?  

It's quite comprehensive and fit for purpose. 

I wrote the above for informational purposes.

Provided that the eligible taxpayer is the owner of the equity interest for Federal income tax purposes, status as an eligible interest is not impaired by the taxpayer’s use of the interest as collateral for a loan, whether a purchase-money borrowing or otherwise.

But of course it depends, e.g. whether you want to refinance the property at some point (difficult with LLC as beneficiary b/c of Freddie Mac and Fannie Mae rules) and what is the main purpose of your endeavor (anonymity or asset protection or both?).