...When you bought it, you took over the landlord role of the former owner, so you have an inherited tenant that is now your tenant and your relationship is as spelled out in the lease agreement.

In any case, I'm curious why the hypothetical scenario here matters - what are you trying to achieve from this exercise?

You need to consult with your attorney and them draw up an operating agreement that spells out each of your roles, duties and responsibilities as well as consequences for not performing, and how the company is to be dissolved if it ever needs to be.

What they have done with the LLC is pushed the custodian into a background role - simply documenting the IRA's single investment of the LLC, doing annual reporting and acting as gatekeeper for contributions, distributions and plan-to-plan transfers. 

Juggling building my RE career and running my business has been an exercise in time management, and most of that time for the month I've been licensed has had to go to compliance and training. 

So for a house like this one I would offer them $1625/month + T&I and the balance of $351k due on exercise.

I will keep my eye out and let you know if I hear of anyone that would fit this role.

What are some ways you've divided up roles/responsibilities?

@Michael Dang Honestly, historical cap rates play minimal, if any, role in my underwriting.

I inherited 9 tenants and forgot to require an estoppel from the seller as to the deposits, rent roles, etc.