so, you have to find a way to add value / change configuration / go off-market / or some combination.also, you mentioned "offering at a different cap rate." 

Overall, as a FL attorney, I agree that for asset protection (and possibly estate planning) purposes, holding title to real property in an LLC, in whatever membership configuration, is a wise choice. 

Other Information:Built in 1993Listed for 222 days7 Bedrooms and 3 Baths (No information on how that is broken up)2826 sqftSo I did some numbers on it and tried to be as conservative as I could to see if this is even worth calling on.Purchase: 125,000Cash To Close: 20,000Monthly Rent: 1,200 (I understand this is a guess especially not know the actual configuration of the triplex, so I went low with 400 a door.

While cap rates are generally considered, it's mainly considered when we're going out for financing so we know what appraisers will use when valuing the properties to allow us to appropriately configure the debt/equity mix.

I like the glass and the mini jet configuration and feel of the Cirri avionics suite...

We have never seen a loan configured like that and just didn't understand it.

I do realize though that they will have control of the final configuration of the deal. 

Assume "good" real estate market conditions...My (severely naive) conventional wisdom tells me that if I build a 3/2 home on a vacant lot, my "All In" costs for the home would be considerably less than if I were to purchase a home of the SAME configuration on the same lot.  

It is just an IRA configured differently to invest in things outside the Wall St exchanges.If your mother can get a good cash flowing property or two in the IRA, she should be able to leave the principal in place secured by that real estate and draw her required distributions off the income produced.  

Or weird configuration (e.g., one house behind another)?