If pooled LLC, here are some of the rules that apply:Just like above, the LLC cannot obtain a loan, and the IRA participant or solo 401k participant and other disqualified individuals are prohibited from using the LLC owned property for personal use.IRA or solo 401k funds and personal funds have to be invested all at once in the newly formed LLC and no subsequent funding is allowed.

If you build up a position and subsequently find a real estate opportunity that is too good to pass up, you could always liquidate your stock position to take down the real estate.  

Then you are effectively growing your anticipated enterprise.

@Dave Carpenter thank you so much. i just reached out to find the sellers supply reps so that i can talk to them. there a few car washes in town. population of the city is about 73,000. where this car wash is there actually is not one too close. it has multiple small car dealerships, an Enterprise rent a car and many residential and commercial apartment buildings. if the current owner has not at least spoken with the owners of those dealerships, i would certainly be willing to in order to drum up more business. the traffic count is 10,500 per year if im reading the statistics right. i will do just that on the community page. i am already a member so that will be easy. 

You have to think also about your enterprise value of the business over time and the average multiple it will sell at.Example if my business does 1 million net profit at 3 multiple worth maybe 3 million purchase but if say 3 million net profit someone with business growing like crazy might pay 7 multiple for it or 21 million.

Rich Dad Poor Dad and the subsequent advisor books, the BiggerPockets podcasts and others make for great listening at the gym, in the car or just when i am around the house cleaning.I am also a business reporter, which I hope has given me at least some background in some of the broader topics.

In fact, I am closing on my second property this year and I'm trying to get a mixed use status (allowing commercial operations) - my plan is to essentially convert a SFH into a duplex with an addition in the rear as a car-lot (strictly to obtain a dealer's license) and buy at car dealer's auctions for capital flows into my enterprise. 

Plus, once you verify the quality of the product and the trustworthiness of the people on that first investment, the whole 'trust' thing becomes a lot easier for subsequent investments with that provider.Sounds like your work schedule really does dictate that you go the turnkey route for now - and you're definitely not alone in that.

(1) An "act of equity skimming" occurs when:(a)(i) A person purchases a dwelling with the representation that the purchaser will pay for the dwelling by assuming the obligation to make payments on existing mortgages, deeds of trust, or real estate contracts secured by and pertaining to the dwelling, or by representing that such obligation will be assumed; and(ii) The person fails to make payments on such mortgages, deeds of trust, or real estate contracts as the payments become due, within two years subsequent to the purchase; and(iii) The person diverts value from the dwelling by either (A) applying or authorizing the application of rents from the dwelling for the person's own benefit or use, or (B) obtaining anything of value from the sale or lease with option to purchase of the dwelling for the person's own benefit or use, or (C) removing or obtaining appliances, fixtures, furnishings, or parts of such dwellings or appurtenances for the person's own benefit or use without replacing the removed items with items of equal or greater value; or(b)(i) The person purchases a dwelling in a transaction in which all or part of the purchase price is financed by the seller and is (A) secured by a lien which is inferior in priority or subordinated to a lien placed on the dwelling by the purchaser, or (B) secured by a lien on other real or personal property, or (C) without any security; and(ii) The person obtains a superior priority loan which either (A) is secured by a lien on the dwelling which is superior in priority to the lien of the seller, but not including a bona fide assumption by the purchaser of a loan existing prior to the time of purchase, or (B) creating any lien or encumbrance on the dwelling when the seller does not hold a lien on the dwelling; and(iii) The person fails to make payments or defaults on the superior priority loan within two years subsequent to the purchase; and(iv) The person diverts value from the dwelling by applying or authorizing any part of the proceeds from such superior priority loan for the person's own benefit or use.

If you read the subsequent posts you saw where we discussed everytime the rent was late you do an inspection.