Let's call it one month of rent losses, half of first month's rent for the new tenant, plus any repairs and administrative fees you incur in order to complete the unit turn.

@Sean BarberIf the state allows a composite filing, the advantage is that the compliance burden is shifted to the sponsor, the disadvantage is you are voluntarily paying a higher state tax in exchange for some administrative ease.If the state does not allow composite filings, the advantage of filing is benefitting from the release of the suspended passive losses at the state level upon exit.

I put ethics, morals, and being a good neighbor before all the administrative paper work and businessy stuff.

They do have similarities in that they can both allow you checkbook control of retirement funds and can invest into real estate.There are many reasons the Solo 401k is the preferred structure, however.Contributions limits are roughly 10x higher, there is no custodial requirement for the 401k, you can take participant loans, you don't need the additional expense and administration of an LLC to have checkbook control, there is a built in-Roth component, a spouse can participate, there are additional tax benefits, there is generally greater privacy, and the plans are often quicker to setup and cost less money over time especially compared to most IRA LLCs.In order to have a Solo 401k plan, you must have legitimate self-employment activity and no full-time non-owner W2 employees.

(This inspection was strictly an administrative evaluation of the property.)

I work full time as an assistant at a oil and gas company and I'm also a full time student at Angelo State University working towards a Masters in Business Administration (MBA).

The investor would anticipate 4.75% yield in his portfolio from the interest paid on the note less servicing/administration costs.  

I work for a design build but on the administrative side so I don't have any great advice.

@Sean Treston ...Step#1 Rid yourself of emotion, j/k (sort of)You seem to have the administrative side of things figured out.

I don't mean cause trouble for an owner, but to educate or inform them of issues that may arise after they sell for cash or taking a chunk down, like taxes, or it could be from a medicare stand point if they are older or it could be an estate planning matter or the cost of administration of real estate in a trust, what happens to the owner's ability to depreciate a property and what happens to tax advantages over time?