Make sure no 1 party owns more than 10% of the total inventoryThe condo is only eligable for financing if it meets some of the requirements above.

We're looking to assume a military member's mortgage (we're military too so they should get VA eligibility restored...).

For FHA, here are the stipulations for military out of HUD 4000.1: "(7) Military Personnel Eligibility (a) Standard Borrowers who are military personnel, who cannot physically reside in a Property because they are on Active Duty, are still considered owner occupants and are eligible for maximum financing if a Family Member of the Borrower will occupy the subject Property as their Principal Residence, or the Borrower intends to occupy the subject Property upon discharge from military service.

If each series is treated as a separate business entity for federal tax purposes, then it appears that each series is an “eligible entity” that may elect its own tax classification See Treas.

Don’t get stuck in that mindset; learn the fundamentals of real estate, because people will always need a place to live.

@Adam ReadI agree with Wayne - The seller will be eligible to exclude a portion of the capital gains if they owned and lived in the property.

Buy a house in your IRA now and distribute it to yourself when your eligible and  you want to start taking depreciation. 

There are many benefits that plan can offer over a self-directed IRA, one of which being that you and your wife could possibly have 1 plan for both of your traditional and Roth funds.If you're not eligible for a Solo 401k, the IRA will likely become a better value proposition for you as your income (and taxation) grows.

You might want to ask your CPA again or seek out another CPA.You also might want to look into the new section 199A pass though deduction to see if you are eligible for any benefits or deductions on your pass through income.

I also take into consideration how "fundamental" that investor was to the deal.