I would consult an attorney who specializes in this.Also, assuming the property is in California, if it wasn't subject to CA Rent Control, once it goes into the LLC, it might be.

Assets identified in this study include:Appliances: Dishwasher, microwave, oven refrigeratorInterior Finishes: countertopsFurniture and Fixtures: shelving, built in cabinetry and decorative light fixturesSpecialized Equipment: Electrical systems and specialized wiringHVAC controls and specialized components63.6% of the total depreciable basis was classified as 39-year class life.

If tenants controlled themselves and behaved as they should most would probably be OWNERS not renters.

Downside is possible foreclosure but upside is having interest/control over more real estate at pennies on the dollar(55-65% of ARV).

One thermostat controls BOTH units currently.

All IRA-related transactions must be "arm's length", in other words, IRA can't get involved in any transaction with yourself, your immediate family members or any entities these individuals own or control. 

With rent control in NJ, yeah, it’s mostly a waiting game if tenants don’t leave.

I want to get control of the properties, remodel and furnish, while protecting this investment.  

Although, it's very capital intensive and you have to rely on a lot of factors you can't control, contractors, interest rates, market shifts, realtors, buyers, appraisers, inspectors, material costs, weather etc etc.

•You’ve fully paid off the mortgage, eliminating lender control.