This seems like a new variation on a common puzzle.  The version one usually sees does not cnsider homonyms, and allows only changing one letter in place (not an anagram).  I tried what appears the shortest test, starting with a homonym, and alternating with an anagram.

BEER

BIER  (HOM)

TIER  (ANA)

TEAR (HOM) (also ANA)

SEAR (ANA)

SEER (HOM)

REED (ANA)

Does this follow the rules?