Then you can do your real estate investing directly from the new self-directed inherited IRA.One thing to watch out for with self directed inherited IRAs, is that you will be required to take minimum distributions from both inherited IRAs described above now, based on your life expectancy.

He watches some flip shows with me but still gets disgusted by dirty carpet (even when I point out it's only a $2000 replacement expense).

So you will have to watch out for municipality, county and HOA rules to determine what you are able to do. 

And any other thoughts or watch outs would be appreciated.

Fine, I will watch their demo and report back.

@Michael LindeYou will need to get educated on it - start by going over to the tax lien and mortgage note forum here on BP and watch some videos on YouTube.Full disclosure - unless you have a few hundred grand to invest notes probably not what you’re gonna be looking for.

God watches over idiots.  

But In creating the LLC’s I did want to then transfer them into the LLC and I watched videos that had said creating the Wyoming LLC added protection and anonymity for your assets, which I’ve come to find out is not the case, and transferring them into the LLC will be costly, so it seems that creating them in the first place was the wrong thing to do.  

If you are buying land, watch the environmental.

Any property that's a comp I'll "follow" and watch when it sells.