The  unit is rented consistently and is functional but also needs upgrades, new siding (has 2 layers), Some rooms could benefit from re-wiring and more insulation,   Painting is always an issue as it is not plaster but older thin wallboard. kitchen is fairly new, bathroom could use upgrade, upstairs bedrooms have some pitched ceilings but I don't think based on the foundation/construction it is a candidate for a full second story and it had a new roof a few years ago.

I have built a simple tracker to look at my Syndication Investments, I'm sharing with the spirit of learning and have masked out the Sponsors names. 

As well as, updating the fair market value of the account once a year.LLC would have LLC protection and add an additional layer of protection since the IRA is already a protected entity. 

As your income grows or your needs change, this initial purchase could also potentially be converted into a rental property down the line, adding another layer to your investment strategy.

I am unfamiliar with the rules in your state, but having an agent outside of you provides a layer of anonymity or protection. 

This adds an extra layer of security for both parties, and you'll have a clear record of all transactions.**4.

Not to mention the various layers of independent contractor relationships that exist not only between yourself and the owner but as well as yourself and the 3rd party vendors you likely lean on.

You figure it out.As an underwriter for the GSE's for a living, trust me I understand what you are saying about wrapping ones head around some of the guidelines when trying to understand how they are layering their risk.

i think, though, that cash flow was always overstated, and now it's become impossible to mask that fact.

TSP works really well to remove it but messy, use gloves and good ventilation or respirator mask.