Regardless, look at the declaration because that will tell you the framework the Board can operate within.

I make phone calls to my preferred and trusted contractors, review my managers financial statements, and update my own following my CPA's advice and framework-so come tax time, it's ready to go. 

@Dean HulsingOnce you understand the environment in which the business operates (local tenant population, average rents, physical and economic vacancy rates, the growth / decline of the local economy, the risk of the local economy (i.e. does most of the tenant population work for a single (cyclical, declining, growing) employer)), then you can compare the business (property) to its peers and evaluate its shortcomings and potential.After the above, you should be able to put a value on the business and, if it looks to be a profitable, long term venture, issue a Letter of Intent (LOI) with your offer and deal framework,  If accepted, you then dig-in and conduct the formal diligence.

I would recommend reading Traction, by Gabriel Weinberghttp://www.amazon.com/gp/product/1591848369/He surveys how a lot of different startups got traction via different channels, and provides a framework for how to generate more traction.  

Better to have the legal framework in place by a knowledgeable professional with zero skin in the game, than to have an ambiguous setup that costs several thousands to unravel.

Layout the framework of the operating agreement you envision and they should be able to pull it all together for you and help you create the legal entity to make this happen.Having said that - I would be interested to see how this all plays out.  

She will trust what she writes more than what you put down on paper.Once you have arrived do at the framework of a deal, list out a simple list of terms in about 6-8 line items then a list of documents that will be required and tasks or conditions that are to be met be each party. 

So two or three inquires within a short time (a week to 10 days I think, if I remember correctly) frame works best.  

-half of a duplex if the other side is owner occupiedLinks to the proposed bills are below.http://www.capitol.state.tx.us/tlodocs/84R/billtex...http://www.capitol.state.tx.us/tlodocs/84R/billtex...http://www.capitol.state.tx.us/Search/DocViewer.as...Personally, I'm thankful that the state is creating a framework for the operation and expansion of the vacation rental model. 

Alternately, some investors choose to forego the tax exposure and use the IRA in passive ways such as being a hard money lender to flippers or investing in rental income properties.So yes, there is a lot to learn, but once you get a handle on the framework of how a self-directed IRA fits into real estate investing, you should find that such a strategy can produce superior results for your retirement wealth building.