@Mark SeutterA self directed IRA is a way many investors purchase real estate, however the profits go back into your retirement account and may only be take out as a distribution.

Amazon is also moving in 2 very large distribution centers on the Eastside so they took the plunge!

And income derived from any other state is taxed in the state you live.. although rentals as we know has very little taxable income. 

@Eric SchwakeWhen an IRA uses leverage, the percentage of the income derived from the non-IRA (borrowed) money is taxed as Unrelated Debt-Financed Income, or UDFI

There is a time and place to use services like that, but I don't think drafting operating agreements is it since it should be personalized to you and your situation.There are a few things that I think should be in the operating agreement:1) How do you determine how much to take out in distributions? 

Take out what you want as a distribution. 

@Herb DornJust jumping in on this last bit of the thread, so apologies if I have missed anything substantive higher up.Yes, an IRA would not allow for penalty free distributions prior to age 59 1/2 as the 457b plan does. 

Every single person I've encountered burns out quicker and we can derive no income from it.

It is important to keep a separate bank account for the LLC for legal purposes, but for tax purposes , taking money out is just considered a distribution to the shareholder (you).I agree with Natalie- if you don't need the money, I just wouldn't charge your rental property a management fee.If you do need the money, as long as your distribution does not decrease your basis below 0, then it shouldn't be taxable.

Financing is different as well as the way the value is derived in an appraisal.