@Pat Jackson After meeting with a lawyer together, you should also consult with an accountant.

Account ClosedWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

I am debating if I need to hire an attorney to get this done or an accountant (since they probably know the tax side of the business).

@James Letchford I agree with Account Closed there's no benefit to you offering a rent to own to someone who can barely afford your normal rental rates.Rent to own is perfect for someone who:1.

I really like Equity Trust and Quest IRA as providers of a SDIRA, but they both charge a fee based on the amount of money you have in the account - essentially penalizing you for growing it.Are there are any reputable SDIRA providers that charge per transaction, instead of by asset size?  

Do we need to form an LLC together, should we open a joint bank account together etc????

I know accountants who are comfortable with it as long as meticulous records are kept and arms length is maintained. 

Just wondering whether people typically use Quickbooks (or other accounting software) just to track rental property income & expenses, or the whole shebang such as:- Down payment/closing costs- Assets - the property itself, plus other fixed assets- Liability - the mortgage- Depreciation- Equity

What accounts, HnR block?

We get charged 3%, whether our renter pays from their checking account or whether they use a credit card.