Glad to hear that you are using Equity Trust already as they happen to be our official partner for self directed IRAs. :) It sounds like you are looking for a specific investment opportunity? 

Since competition is high and inventory is low on Long Island, I recommend BP members try to go direct to seller which is an active form of building an off-market deal list. 

It either has to be indicated by the agent on a listing description (rare) or you have to do it the old fashion way which is to call and ask directly.

Either way, your father-in-law’s position is protected.The investment property should be held in either a land trust with an LLC as the beneficiary, or directly under an LLC.

Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee. 

I am looking into a company right now that does rent guarantee insurance and also does in lieu of deposit will issue a bond that the tenant basically gets charged a monthly fee for.

For instance, the term could be 3 years and add a clause that says they have to return the property to the condition it was in when they moved in, not just keep their deposit. 

We are quickly moving that direction as there is obvious value in using them. 

@Tiffany McKinney Send me a direct message and I will give you my top 2 recommendations for real estate attorney in Houston, TX.Thank you

Our property management team has not seen any deviation in rental assistance since the directive was recently issued.