Quote from @Kwanza Price: Thanks Chelsea for your reply.I mostly wanted to understand what the experience was like and if you have any advice for setting up an LLC/IRA?

if I have no money into the deal and bringing in $200 free and clear every money hell even $100 with no other expenses these usually come through creative deals or owning notes but I would do it. 

There are numerous articles on this site that explain the pros and cons of investing in multi-family vs. single family.

I come across SFR in other states from time to time direct to seller. 

I will address the absolute that he did throw out as they are simply incorrect.

If you're $400 below market rate I'd give them chance to "catch up".

They must first move out, leave the property broom-cleaned, and then they can pick up the funds at our attorney's office.Most won't agree to all this - so they are liars.

Self-Directed IRAs (SDIRA) or Solo 401(k)s allow tax-deferred or tax-free real estate investing, though they come with IRS restrictions.

Still cracks me up. 

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.