Why not use your IRA to just buy the property? 

Is this property in TN?

I'm looking at buying turnkey (through a well known provider on BP), and would like an independent property inspector.

If a problem arises with the property, the City will attempt to contact the owner and hold them accountable.

The owners refused my advice to reduce price and they both sat vacant for months.

I don't know what his properties rent for yet but lets assume equal rent to my property.

., known for its upscale appeal and strong demand for vacation homes.Properties in the Hamptons attract affluent buyers and renters, offering a high potential for appreciation and steady rental income.he property may have been undervalued due to its condition, presenting an opportunity to add value through targeted renovations.

I would reinvest in a another property and use a 1031 exchange to detour taxes.   

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant? 

In other words, I think we will probably have to be on the hunt for a very good deal or a very distressed property, and will not be investing in million-dollar multifamily properties... yet!