Love AI in the business though. 

However, they let me go in July 2023, so I’m focusing on growing my real estate business.

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

A lot of family businesses cannot stay in business upon parent death due to no longer getting the prop 13 property tax discount.  

There are also a large number of accountants we work with who say that as long as it is done at arms length as a business like transaction then they are fine with it. 

Many people choose NOT to have this, because the administrator will then vet every investment you make to ensure you do not invalidate your IRA.Invalidating your IRA means that you've done a prohibited transaction and the entire account is then deemed as distributed to you.If you don't want checkbook control, then I recommend a plan administrator such as Equity Trust - www.trustetc.comIf you are sure that you're aware of all the rules around prohibited transactions and disqualified people (who you can and can't do business with), then a plan administrator like Sense Financial would be a good place to start talking.  

To support my seller and seize a valuable opportunity, my business partner and I decided to purchase the property ourselves.

-22 years old-$50,000 pre tax income from business this year-80k in savings-30k in investments-pre approved for $350,000 (had to use parents as co-signers because I started business 2 years ago and didn’t make much first year)Looking to get into first house by house hacking a 4 bed 2 bath renting out 3 rooms.

So it sounds correct to collect all amounts into my business account then and send a 1099 to the owner reflecting what they received minus the PM fee?

The local economy seems to be centered around these types of businesses.