You cannot purchase the property personally and then assign or transfer to your IRA.Any self-directed IRA vehicle will likely take 2-3 weeks to establish, largely due to the timeframe involved in moving funds from your current institution to the new institution. 

Once the terms of the land contract are satisfied the title company files the new deed, transferring ownership to you.

, you'll also want to iron out if he transfers the property at a zero/low value to your joint entity vs holding in his own name.

I don't know if I should partner with the current homeowner, or have the contract transferred to me, essentially transferring his equity to me, or what?

I'm going to be a bit of a contrarian to the above posters, but let me first qualify my post by stating that your market will determine what you should do.We frequently install en-suite laundry in our units - in fact, we have removed common coin-op laundry in most buildings of 6-units or less in favour of en-suite laundry - for the following reasons:electricity and, in most cases, hot water costs are transferred to the tenant;where water is sub-metered, water costs are transferred to the tenant;high-efficency residential laundry machines are about half the capital costs of commercial coin-operated machines;we can command $30 - $50/month in additional rent with en-suite laundry;by installing our own machines, we know they are installed property, with catch/drain pans and {going forward} leak detect shutoffs; andwith en-suite laundry vandalism of laundry machines has been non-existant ... and if a machine is damaged, we know who is responsible.We have a good rapport with a couple of local appliance suppliers and get called whenever they have "dinged and scratched" units to unload ... a small, cosmetic dent in the side of a washer - which will never be seen when it is installed in a laundry closet - can be worth a 40 - 50% discount.  

But get some peace of mind by transferring these to the best financing at the best terms you can get (i.e. conventional).

The information we have from the PM is that they have attempted to contact the tenant to transfer the payment to them.

What are the advantages and disadvantages to buying residential property in personal name and transferring to LLC?

You can probably set up an online payment system that goes to you and you can transfer it to your mother's account like Venmo.

I picture this more like a deed restriction than a recorded document that would be cleaned up on title prior to the first transfer after recording the right of first refusal.Anyone have any experience with something like this?