Are there amazing amenities at the condo complex that would set it apart?

It's more complex than other types of businesses due mostly to the amount of items that need to be capitalized.

As an investor, the numbers seem to be the easiest way for me to check if things are going well although I understand the bigger picture is more complex than that. 

I believe most would agree this is a more complexed transaction than the transactions you are counseling your clients on for $15,000.00.At the end of the day, everyone has a right to their own opinion and the beauty of a free market economy is that everyone can set their own price for their services.  

I know the whole mentoring space is full of charlatans and "those who can't, teach," but I've done my due diligence and this outfit has legitimate results, so I'm comfortable moving ahead.What I'm struggling with is if I actually want to own or be responsible for a large apartment complex.

I started down this path and blew it all up after a few years as its way too expensive, way to complex and realistically did zero additional asset protection for me. 

Cost seg studies have many different price points, depending on the complexity of the property but I would budget a few thousand dollars for a property the size.Regarding material participation, you should check with your CPA or tax advisor but generally speaking yes that would be enough time.

If you buy a condo in one of these locations and rent it out short-term, does the condo complex usually handle rentals, or do you need to find a manager?

It is too complex for them.So, the IRA that owns the LLC is not also a brokerage IRA.

Lending software can be complex as if loan is a 30/369 vs actual/365 and late fees, accrued interest etc come into play it gets very technical and if it’s wrong it can be huge fines and violations.