@Julia Vang Hart: There is no harm in having a checkbook control IRA LLC like that has been discussed here, and you have hit the nail in the head that you have to be careful with the prohibited transaction, but there are other caveats that have to be considered too, when working with the Checkbook Control IRA, LLC... one of them is to enable your IRA to get the beneficial tax treatment, the LLC at any given time has to be deemed as a "real estate operating company", wherein the definition states that: "atleast 50% of the assets, valued at cost, are invested in real estate which is managed or developed and with respect to which such entity has the right to substantially participate directly in the management or development activities and such entity in the ordinary course of its business is engaged in directly in real estate management or development activities"Based on what you have outlined in your initial posting of what you intend to do, it appears you would fall into this definition, but it has to be consistent throughout the life of the entity.

The board is very engaged in improving the community.

Hello everyone,I'm a long-time reader of the Bigger Pockets forums and have just created my account to become more engaged in real estate related discussions.

Unfortunately I won't be able to make it to the Brevard County investors club this coming Tuesday (prior engagement), but I'll absolutely get there in the near future!

Still so so new to the game!! Really

My first concern: If he defaults on paying a subcontractor, if I didn't engage that subcontractor and our contract says that Sam is responsible for that, can the subcontractor put a mechanics lien on the property?? 

However, if you are concerned for whatever reason there are issues on the requirements being met because you might not meet the primary residence requirements, you could still engage in a 1031 exchange. 

Similar to when you purchase a property as an REO or at tax sale, the agent selling the property will have very little information on the business itself.If the owner is still engaged - and the one selling the property - then it would be reasonable to expect them to provide copies of all leases and service contracts.

Aaron,congratulations on your imprisonment, i mean Engagement !

I am also engaged to a beautiful, smart nurse named Kim who also has an interest in real estate.