Going back to LLC, If you own more than 1 or 2 homes in which you have renters , its vital to have an LLC under them.

In some cases, there is economy of scale for an HOA (like painting the exterior) but they also have another layer of costs, the management company. 

As landlords, we have to deal with rent controls etc. so layering on more doesn't sit well with me.

I have heard that an LLC provides only a thin layer of protection from liability. 

For example, the roof on a 4 plex that already has two layers is going to cost you at least 3 months of income WHEN it needs replacing.  

You will open a bank and/or brokerage account to hold the LLC capital and use the LLC as your transaction layer, under the umbrella of the IRA.  

I would recommend talking to Shane Utesch with Vitalized Homes.

The roof had three layers of old shingles.  

I will share a some vital info about my self.I am seeking a owner financed property( SFH or MFH).

In my state (Texas) it's a pretty straightforward process to set up an LLC, and a lawyer won't add much value besides perhaps peace of mind or, as mentioned above, another layer of anonymity.