(It is worth noting, I am not a lawyer so cannot advise you.)1) This option would minimize paperwork and provide good protection.  

I guess everyone has their own game plan but there are states that are offering huge ARV potential and cash flow options. 

One of my friends recently asked me for advice, and I want to make sure there's not something I'm missing or a better option for him. 

There also are options for 5+ unit buildings where do not need to occupy and can even have more then one airbnb in city if own those. 

They always have the option of asking you to stop contacting them.

I would add a step, that although is optional, is often used: Form an LLC, specifically for the use of IRA funds.

Quote from @Sam Shueh: Anything under 20% is problematic.Wanting income you get a multifamily on the next.Sam, you think a multifamily is a better option?  

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates into 2025).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

Letting them know you’re casting a wide net can motivate them to find stronger deals to stand out among your options.

Lenders offer favorable terms for owner-occupied multi-family homes, making duplexes a good option for financing.