If you're looking to set up an IRA LLC, I recommend Safeguard (ira123.com).

Make sure there are safeguards with money.

Two areas I see, economic laws, passed to manipulate economic aspects for the benefit of some and public law that focuses on how things are conducted to safeguard the public from various afflictions.

So, what you end up with are originators in a brokerage operation or brokers where you'll find the least safeguards and abilities in the industry.

Down side is that the seller is on that note, so any late payment goes to your credit....there are safeguards to keep this from happening to a point.Your attorney can explain it and probably won't be nuts about it as it does violate the due on sale clause in your mortgage.Another way is for the two of you to form an LLC, refinance the place between both of you, then sell your interest out of the company.

When you get into commercial lines you are generally less safe guarded compared to single family.

HI Derek Check out my blog re Sub2s I don't know what NM laws are regarding recording the deed...In California you don't have to but in AZ where I buy properties I record the deed in an LLC to protect my assets but either way make sure you set up the safeguards I mention...I don't like lawyers getting involved... find a title company to handle the whole enchilada...Make your payments to them i.e.a collection company who in turn will service all the debt on the property....Any QA let me know

You also need safeguards in the Operating agreement, power of sale of assets, so the property can be sold, him paid off, proceeds going to you of any excess and the termination of the LLC.

I have no idea what your dad's expertise is, an accountant familiar with inventory and process accounting along with inventory control can probably safeguard your money, if they are good.  

However; that too has its risks, and there has to be some safeguards in place so as to release funds based on work being done, etc. and not get to far out ahead of what's happening on the ground.