Its a shade of gray for some title insurers and for others its clear, you loose title insurance using quit claim. 

That's a lot of speculation on the part of your CPA, @Chris Thompson, and honestly sounds like someone w/o too much REI exposure.

@Elizabeth Thompson have you thought about just taking out a HELOC, which is no charge to do, to buy a property?

Hi Doug, I’m a newbie investor and I listen to Robin Thompson’s teaching CD’s, she is a rehab queen out of Ocala, FL she recommends independent contractors, electrical, plumbing, painter, roofing etc,  the GC can be contracted for Sheet rock, flooring , dry wall etc, better protection for the investor to ensure timely completion of work with cost over runs

@Spencer Gray great thread ...Given we are in Texas ,we are adding 2 months for option on top of typical time frame for due diligence and closing .

It has its own electric meter and box and there is no circuit breaker labeled well.This area does not have public water.The garage/effeciency has a propane furnace.The town has no records of wells or skeptics and they have informed me that as long as they don't see sewage they don't care, and further informed me I can use a holding tank or gray water system if I like.Several feet behind my garage/efficiency I see a 4 foot by four foot or so concrete pad with two pipes sticking up out of it.

@Michael Gray Since there are residential units in the building already, I assume there won't be a zoning issue.  

@Ryan Daigle and @Spencer Gray I think that both of you make good points under normal circumstances. 

Before the purchase is made from the IRA, the business can perform work, write off expenses associated with those efforts without compromising the integrity of the IRA.While I understand this is a bit of a gray area, I was told that until the asset is created in the IRA it does not fall under the Prohibited Transaction guidelines.

@Gray Hall How have you liked your experience with Matterport?