Suggesting to them buying their house for a wholesale range offer or lower dependent on the extent of the rehab, then having a contract in place that gives them a percentage of the profit to help get them back on their feet, paying off debts etc.

And of course we're in agreement on consulting a tax pro.

I have one long term partnership that we share capital but I still do all the work ( rain maker) he is a cpa so he does do the books and tax return though :)  WE built one subdivision together were he put in 500k and I made him 1.2 mil in 18 months net profit so that was not bad.

It is a tax write off.

Despite the equity We also want to take advantage of tax advantages we did stay in the property for 2 years !  

This is an example of private lending which is different than the IRA owning real estate and does not trigger UDFI/UBIT tax.

I'm looking for referrals for a custodian, tax attorney, and a CPA to set one up and advise me.

.💡 Tax AdvantagesThis is where my tax brain gets excited!

Lastly these tools can integrate directly into your bookkeeping so you can automate the income portion of your bookkeeping which will help with your analytics/reporting and save you tons of time during tax season. 

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.