Not sure if I clarified anything or muddied the soup 🍲 further. 

(What do you mean I can't just put a can of soup in the microwave to heat it up?)

But each time the soup gets a little more diluted.

Columbus for example would be 3 subdivisions, the ones the institution decide to keep or close on get assigned to the subentity for that market and if they are sold to a builder they'd be closed in a double close, if the fund closes them it would be in the subreit. each subreit would allow us to have development values of 500-1000 housing units and each subdivision approx 100 million so up to 300 million per subreit depending if the institution wants to sell the land or build all the houses or do a combination of both. with larger land tracts we can also subdivide into a planned development and have smaller tracts of land carved out for build to rent, apartments, retail, or other uses so we aren't just going to put in subdivisions. most complaints by municipalities deal with wanting mixed use development patterns. this is nothing compared to the urban stuff we have to do.

Most people, I'd say >90%, are not in that narrow strip - the soup is either too hot, or it's too cold, either way there's nothing there for Goldilocks.

Federal ProtectionsFederal protections against predatory lending begin with a veritable alphabet soup of legislation, including TILA, HOEPA and RESPA.13. https://www.lexology.com/library/detail.aspx?

Ohhhhhh snap.......The plot thickens.

UBTI exposure is not impacted in any way by a Solo 401(k), thus my clarification.There are 3 layers of alphabet soup here:Tax on UBTI  (unrelated business taxable income) is generated when a tax exempt entity engages in a trade or business on a regular or repeated basis. 

So on bridge loans with rehab you'll see a rate of 11% - 12% because it is a one year loan.Here's how they work soup to nuts:You have an executed purchase contract, your entity docs, your id. 

In TX. 3 months from the time I purchase the land until they (I build small apartment buildings) are ready to be rented. 3 months soup to nuts.. is astonishing wow. !!!