"ANSWER: Having worked for several self-directed IRA custodian companies in a compliance officer capacity, I don't necessarily agree with his comments that a plan without a custodian is more likely to get audited.

You also have to determine what your capacity is work those leads.  

The trick is to convince that judge that you are in fact a corporate entity and not acting in your personal capacity (an LLC is a corporate entity).Again, the Operating Agreement can spell out operating requirements, even for a single memeber, that will help establish the way business is conducted, for example cut-off amounts for purchases.

So..To my future mentor: I want to learn how to not only find and fund good deals, but learn how to understand the capacity of each project and at the end of the day have the balls to pull the trigger and execute the good ones. 

My proposal was this: we buy properties using his DTI capacity (which should be enormous as he makes alot of money) and in exchange he gets to write off all of the depreciation from the property, because, as I understand it, only one person gets to write this off anyway.I use a property manager for my current rentals and I plan to keep them for this venture.

All these programs are great, but working in that capacity, I could not benefit from the programs because of federal dollars involved. 

@Tony Crabtree Call Tiffany Martin at Franklin SynergyIf you can't get a loan get an equity partner to increase your debt capacity

The property had been functioning in this 2 unit capacity for 3 decades with all required rental inspections done and nobody said a thing until my client called for CO reinspection after repairs.  

At full capacity without me living there, my net profit is about $1K/month. 

Just because a person has dementia that does not mean they do not have the capacity to make decisions for themselves.