Sometimes it's limited by the SPD, other times you can invest in ANY thing the brokerage offers (their interpretation of "self-directed).A true self-directed account is held with a custodian who invests the funds in the account as YOU direct (hence, "self-directed") and investment are options are only limited to "any investment which is not a prohibited transaction".

This is not to condemn owners, life happens, but choices were made that prohibit continued ownership.

I only have a small bit of landlording experience (as my last location was fairly cost prohibitive) but have a fair amount of cash,zero debt, and excellent credit.

Although there may not be any federal law on the issue of Section 8 discrimination, there may very well be local laws and ordinances that prohibit discrimination based on income sources.

@David Bilbey We have been very happy with Jill Powell at 1st Choice Property management I can't post the Ph number (BP prohibited) but google them and PM me if you don't find them or have any questions about what they have done for us.  

They can direct you if OH has any specific wording that prohibits the contract from being assigned. 3.

There is also the Brothel law that prohibits more than 2 unrelated people from living in a home (maybe not an issue in your city, definitely something to look into).

@Daniel DeckerTo answer your specific questions, both would likely create prohibited transactions through self dealing and would not be allowed for an IRA.  

On occasion I need to be 1099'd and I've never had any issues with 1099s being issued in the firm's name and tax ID number.And @Sean Cole's strategy of an LLC taxed as an S-Corp can lead to some pretty advantageous tax treatments in the right situation.I imagine the most likely obstacle to this sort of setup isn't a legal prohibition but a brokerage that, for whatever reason, won't go along with the structure.

The best example is prohibition of alcohol.