The amount of monthly income will depend on your goals and the rest of the deal design.

I'm optimistic that Air Force base upgrades (North) and the Trinity hospital development (South) will create a positive growth trend over the course of the next 5+ years. 

We plan to have designated broker-officers to facilitate transactions and referrals on behalf of our entity.

I like the idea of one day being able to invest in more "favorable" markets based on the current economy, job growth, local trends etc. 

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

For the IRA LLC it's a special purpose LLC that's created to be designed by the IRA. 

This trend suggests a growing rental market as more people are unable to afford buying homes under current economic conditions.while the housing market may face challenges, the rental market will likely expand as an alternative for those priced out of buying homes.

The words or design isn’t perfect?

Find architects or designers, engineers of all types, general contractor, etc. to design the project, and know how to keep the design where it's functional, cost effective, but has appeal.

This loss is designated as non-passive loss in Schedule E and hence deductible from ordinary income (W2, 1099B stock sale, etc).I see no state returns simply because of no income as well as the losses being non-passive and hence deductible from ordinary income.How is your CPA suggesting to track the passive losses without filing for state return?