Should we consider adding a bathroom and possibly a 4th bedroom if the area could support a 4/2 configuration especially if it’s stripped to the studs?

The strange thing about Ogden is that general operating numbers are remarkably consistent for respective configurations despite condition or location. 

The 5K is average across all units configuration.

This could be any situation where because you had some form of asset protection, whether a legal entity, adequate insurance, or something else, the outcome for you was better than it could have been.I am NOT interested in how your asset protection is configured unless you can demonstrably say you have used it. 

Any way to configure into a 3/1.5?

Find  property with  very low rental rates compared to the market or that you can re-configure/change the use on.Even land is probably a good thing to look at in your market.

If you already have solar panels, it most likely was not configured to accommodate for electric heat. 

They see median home prices running $600K or so, and those are influenced by all these cool developers ripping out the old and put up brand new crazy-gorgeous glamorous homes -- literally million dollar homes in some cases.There are several houses in that area, very similar, same everything, that have been fixed up (in their current size and floor plan configuration) and flipped for around $285K or so. 

Such plans are simply a different configuration to allow that underlying IRA to be invested differently, but all other characteristics of the IRA remain the same.A LLC is not required with any IRA to make it self-directed. 

@Greg Hamer Thank you for your comment, so if I understand correctly a 'joint loan" can be configured differently for both parties?