But for couple rentals it is not worth it in my opinion, pay an expert to do this and focus your time on other income producing activities, sometimes the time you spend "managing" single property might save you $100 but could yield 10 fold in additional income if your efforts were directed elsewhere (I'm not even talking about the potential headache you can avoid).The fact that the rental you are referring to is in your IRA is another indicator you should have a professional handle the management. 

In the next economic downcycle you'll fold.

The cost is two (2) fold, a) the cost to have the second water meter installed and tapped into the system (the city water group used to do this, but no longer, you'll need a licensed commercial plumbing company for it now) and b) the cost to run new piping from the house to the second meter (must be a licensed plumber).  

That's a healthy amount to bring into your fold. 

The reason you would use a HELOC and then refinance (as opposed to just putting money down and getting a loan) is two fold:1-using a HELOC you are essentially paying cash for the property.

We contacted the city, which promptly folded to the Fed Law.

Benefit of this is really two-fold: first is that you can buy the property in your own name for good financing options, and then utilizing the Land Trust you can keep your name anonymous from public record if you have your attorney sign as the nominee trustee.This article explains the process a bit more.There can be other factors at play in these matters, so it is really important to tie in an experienced attorney - I just wanted to highlight another option in which you should be able to keep your funding while also being protected.

Probably high in my State.So if they send a demand letter from an attorney or threaten to sue, I would fold immediately and return their money. 

You could use a portion of your capital to invest in their next investment opportunity.From there, you can learn the ins and outs of how they operated their business in all aspects, which will accelerate your learning curve 10 fold.  

I underpriced it a bit by $50K, still good for me as the property appreciated nearly 4 fold.