An IRA fiduciary includes anyone who does any of the following: Exercises any discretionary authority or discretionary control in managing the IRA or exercises any authority or control in managing or disposing of its assets.Provides investment advice to the IRA for a fee, or has any authority or responsibility to do so.Has any discretionary authority or discretionary responsibility in administering the IRA.Effect on an IRA accountGenerally, if an IRA owner or his or her beneficiaries engage in a prohibited transaction in connection with an IRA account at any time during the year, the account stops being an IRA as of the first day of that year.

@Ann Howell Great clarification update, so may people only get their exercise by jumping to conclusions. 

Master Lease it for 5 years, then exercise your option.

(attorney costs, time, low tenant net-worth means might not be much to recover from tenant despite judgement and legal costs). doesn't a 3 minute exercise in enforcing your policies and requiring proof of policy seem like a good idea to cover your bases against the alternative outcomes if they don't in fact keep a policy?

If the answer is no, then any actions will be an exercise in futility.

Examining their credit report microscopically is an exercise in futility.

I know that if I eat less than 2000 calories of healthy food and exercise I will lose weight, but until I actually do it...Meet some people who are doing it.

While I have affection for Rome (and my property there), investors should exercise caution and precision regarding their plan, objectives, and financial means (budget). 

I see no reason that one is better, or worse, power to exercise.

I am curious as well for a source.Tagging a bunch of CPAs during the last week of tax season, might just be an exercise in futility, but maybe some other tax experts can chime in?