IMO, the best strategy for that type of individual is to purchase residential property in an area they are or can become familiar with; in an area where the neighborhood is “on the rise”, typically where demand exceeds supply and people are spending $$$ on fixing up properties.  

That usually creates a big supply of rentals on the market that it 's hard to be absorbed and create a race to the bottom in prices, as all the properties are pretty similar and in brand new condition. 

I think in the future you'll see businesses supplying this type of accommodation for their workers. 

But opening up vetted Coach programs would supply a lot more bandwidth to the REI community.  

If you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a speciality trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.Can I contribute to both a Solo 401k and SDIRA?

The power company supplied and installed the new meters (at no charge, at least not yet) and verified all the work around the 4 gang meter pan was done up to their standards.

Even then, the IRS may scrutinize the transaction if it appears the intent was to immediately convert the property into a personal residence.Additionally, if you eventually sell the property after converting it to a primary residence, you may qualify for partial benefits under the Section 121 exclusion for primary residence gains.

If someone is willing to live in and renovate the 2 of last 5 year capital gains exclusion is a significant consideration.

But if you're trying to get an exclusive deal, the reality is that you probably have less bargaining power because if they want $296.10/sq ft they know they can put it on the MLS and see if they get any bites.

I live in Indianapolis and work exclusively with OOS investors so I'd be glad to connect and discuss this market whenever you like.