The sediment filter catches all the big particles and keeps them out if the softener; the softener is vital for protecting your plumbing, fixtures, and water heater; the RO system is important if your tenants plan to drink the water (softened water is not all that tasty).

The deal is more important than who it's through, although that is vital as well. 

The way I understood is if Self Direct IRA is used to fund the deal, we can't do any modification on the Note when it stops performing, is that correct?  

I would think that in order to make it a 2 unit again you will need to make repairs/modifications to the layout.

“Landlord insurance is a vital add-on for anyone planning to rent some or all of a property to another party,” says James J.

This just comes from experience and having a release of funds based upon work is vital to getting the job completed on-time and within budget.Best of luck!

Seems to me that a $245,000 loan should be survivable on $40K if the room-mates are paying a fair rate.Furthermore, you should inquire about a loan modification with your bank.

Jaime,That is a great amount to invest in real estate, however it is vital to ask yourself a few questions before you start.Questions I would ask myself...1.

This is also on top of the operational issues such as the 'Robo Signing" and "MERs Debate" and trying to force modifications which many re-defaulted, all of which created stalls which still ripple through the industry.

While 6 months of payments is good, I would not let a good deal pass because I had less; however, some reserve is vital.