That had even a passing resemblance to tax returns or financial statements4.

Look up the courses taught by Justin Kivel, specifically the Pro forma modeling course and the real estate financial modeling boot camp.

@Kaleb JohnsonRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Technically as the manager of the LLC you can open an accout with any financial institution though they don’t all cooperate when it’s an IRA owned LLC. 

Modern well-constructed condos will probably last a long time.

What has your CPA / Financial advisor recommended?

For a while I looked into medium size deals like 30-50 units in class B neighborhoods, but ultimately could not negotiate a deal to the point where it would have made financial sense.

This has left us with significant carrying costs and financial strain.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

A true recipe for financial disaster.