Its the beneficiary you want, and that information is deliberately being hidden by the trust.

Make a deliberate and dedicated effort to attend every real estate investors meeting that you can drive to and talk about what you want to do and connect with the people that have similar interest and ideas.After I bought my first property, I found a group 45 min away, that met every week on a consistent basis and I attended every meeting for 5 years, because I wanted to be around that energy and  individuals focused on real estate investing.

If however you have lots more borrowing capacity than $40k (maybe even including using your own home as security), I really do like your idea "to fund (your) first investment (hopefully a multi unit property 4-10 units OUT OF STATE) by leveraging self directed IRA's" [The "out of state" emphasis was deliberately added because that IS what it might take to get the desired positive cash flow not readily found in CA - a point you already appear to have learned]. 

Thanks for the support and inputs, Andrew, Brie, Ryan, Tapan, Zach, and Kevin.Ryan, I'll reach out to you off-thread.Kevin, yes agreed that due to the open-ended and deliberately vague nature of the original lender's CYA clause it is "permissible". 

Or you get a policy without an exception for a defect either because of negligence or a deliberate decision and then you either can't sell or refinance because another title company won't insure over it or worse, you find out when you're sued and wind up in litigation for several years. 

Did I say: ALWAYS DISCLOSE Yes, any where, and that includes in The States, if you are considered an expert and you deliberately deceive an ordinary person, that person can turn around and sue you for defrauding him, and he has a good chance of winning.

It sounds like any issue of estimation unless you were deliberately quoted a tax amount (in writing) by the Seller or Seller's agent without full disclosure stating it was an estimate based on previous tax bills.

This what I know based on my student loans - your mileage may vary.With that being said and getting into REI; we deliberately minimize/steer clear of consumer debt & increasing the Income side of my DTI ratio by working full time while going to school.  

This will give you protection now and allow more deliberate thought on LLC, C-Corp, LLP,....

In some cases the idea that you do screens on your applicants scares these folks off (it's not unusual that applicants that know their credit history stinks will deliberately seek out private landlords hoping they DON'T screen).You're not doing anything wrong except, perhaps, not doing enough phone screening to weed out those folks who wouldn't meet the criteria you've set (you do have criteria in terms of no history of evictions, income at least so many times the rent, etc. etc.. right?).