Next I would recommend figure out how you want to split that $250k among the different real estate options and strategies (equity versus debt, core versus core plus versus value-added versus opportunistic, residential versus commercial, mobile home parks, self storage, multifamily, hotels, office, etc.).

That particular interpretation does seem to be a bit more conservative than the average among the self-directed industry, however.I agree, 4975(d)(2) does not cover managing a rental, but that exemption seems to apply to the plan or IRA actually contracting with and possibly compensating a disqualified person for services necessary for plan operation.

What would a standard policy likely cover, among the list above? 

I've heard that there's some variation among the inspectors.

Obviously no automated alerts, obviously no interest in a borough that used to rank among the richest in the county and is now well-known as a near-hopeless slum. 

Basically, you use a formula to divide the utility costs among the tenants. 

Check out the article here:Big List of Cleveland Property Management CompaniesContract terms, inspections, and the variety of services vary greatly among the companies here, so you'll want to be sure to have a detailed checklist when you do your due diligence. 

In all likelihood there is an easement for ingress/egress recorded among the land records already (and again, in all likelihood it runs with the land from owner to owner), but you could always include it as a requirement in your offer. 

A common theme among the homes that would qualify as a BRRRR opportunity are that the properties would be very aged and typically need and entire gut job to be done correctly.

I assume you are using cosigners but you still need a higher deposit to mitigate the risk.I would consider a double deposit and then split it among the five tenants.