To your 3rd point, for a house hack, would you recommend finding a property that has some damage and needs an update to get it to its After Repair Value (ARV) or don’t worry about updating house hacks at all nor the concept of finding ARV for house hacks and just look for properties that are move in ready and can cash flow from day one?

Over the years some exterior maintenance needed, soffit/facia repair/paint, rubber roof on porches, new boiler, new breaker, new washer/dryer/microwave, tree removed, porch rail replaced....

--- EXAMPLE: house price $150k, needs $50k of work, After Repaired Value (ARV) is at least $200k.

Lenders often require 30-40% down.Cash flow considerations – Since all expenses must be paid from your IRA, maintain liquidity to cover unexpected costs like repairs and vacancies.Rental properties vs. commercial deals – Residential rentals and commercial properties can both be great options, but keep in mind management complexity and income stability.Generally speaking, stay compliant – Avoid prohibited transactions, such as personally guaranteeing a loan, living in or personally managing a property, or transacting with disqualified persons (yourself, spouse, ascendants, or descendants).Diversify your portfolio – While syndications and real estate are great, consider mixing in other alternative assets like private lending, tax liens, or even notes for additional risk management.Work with the right custodian – Make sure your SDIRA custodian is well-versed in alternative investments and has experience handling syndications and non-recourse financing.If you’re looking for specific lenders who offer non-recourse loans, I’d be happy to point you in the right direction.

It's a very expensive repair (ballpark $15,000) and the cost depends on how long the sewer line is.A lot of municipalities here require dye tests and occupancy inspections.

Notes: - Two free weeks of stay per year for the owner/landlord (Gordon) landlord responsible for the repair or replacement of major items that a typical LTR landlord will be responsible for, such as major kitchen appliances, A/C, hot water heater, and of course anything structural.- Hefty penalty on either one of the parties for early termination of lease Owner plans to invest some of his own money to upgrade/refurbish things?

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

Quote from @Laura Higgs: The Roi combined for 3 duplexes after repair will have an ROI of 4.47.

This targets family’s between homes, either because they just moved to the area; have a definitive time work contract; current house is being rebuilt/remodeled/repaired; students with “rich” parents; recent separated/divorced who needs space for children visits; Houston medical center stays; etc.  

The problem is the buildings are in major need of repair...and because of this, rents are one of the lowest in town.