Technically as the manager of the LLC you can open an accout with any financial institution though they don’t all cooperate when it’s an IRA owned LLC. 

Add the financing challenges and that you existing structure likely will become rent controlled.  

However, after renovations, the numbers improve significantly, and the challenge lies in bridging the gap between current and future performance.Expenses typically run at a 30-50% expense ratio for mobile home parks, depending on management and infrastructure conditions.

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.

The challenge again, is the prices around here.

to be clear - lots of other issues, lots of other challenges, and BRRRR is difficult right now with interest rates so high. 

The second challenge would be finding land in a decent enough area where building a rental makes sense.

Quick question: What’s been your biggest challenge when managing smaller multifamily properties?

Challenges?

It’s always fun to hear what challenges new investors tackle.