Depending on the size of the unit, $4000 doesn't seem unreasonable, but I'm sure that you can get a less expensive one. 

If you have magical access to cash flowing passive real estate where you do not actively participate and can get over the extra fee hurdles these Self-Directed plans impose, god bless you. 

Right,  I agree with others, tell them no or they will start being more unreasonable 

So you might end up waiting a while to deploy your funds when you could have already been in the game.Def not a fan of partnering on small stuff though- not enough money in it to warrant the effort and hurdles of a partnership.

We have a couple deals where we do 8% to capital and then a 50/50 split after than hurdle.

This is something that has been a tough hurdle for some investors I've talked to.

As I am sure you are indicating, you have no proof of income in this job transition so your biggest hurdle right now is how to get a mortgage without a proof of existing income.

I've probably underwritten 250 deals this year but none have met my criteria and passed both an underwriting hurdle and my property managers hurdle.

Once you can get over that hurdle I do not see why it would not make for great STR situation.

I believe based off comps in the area that I could still get more rents out of it without being unreasonable.