You never know if rate decreases will be fleeting or long term, so it is best to be in a position to pull the trigger when the rates fall.  

Before the purchase is made from the IRA, the business can perform work, write off expenses associated with those efforts without compromising the integrity of the IRA.While I understand this is a bit of a gray area, I was told that until the asset is created in the IRA it does not fall under the Prohibited Transaction guidelines.

@Milton Alvira never try to catch a falling knight.

Currently, the economy is falling from the peak, do not buy when the recession has just begun.

With an outlier situation like this if it is a good tenant, I typically eat it the first time and talk to them letting them know that if this is a repeat issue she will be billed back for the whole repair (depending on LL-tenant laws in your area), this is far beyond standard wear and tear and would typically fall as a tenant's responsibility beyond even the $100 language in the lease.

The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…

Hoping our community can come together in this time.I foresee a lot of tenants will be financially impacted by the closures necessitated by COVID-19; many are hourly employees who are out of work for the foreseeable future.I think it's wise to get ahead of the problem many will face paying rent in the coming month or two (we all know how hard it is for tenants to catch up once they fall behind) and encourage them to reach out to appropriate organizations for assistance.

All the investors I've talked to fall into two camps, those who were not stable but trying to gain stability through real estate and those who were stable and wanting to grow. 

You will not fall behind somehow by learning and saving, being patient, and getting a good deal when the time is right.Some excellent books that will broaden your perspective:Quit Like a Millionaire by Kristy ShenThe Big Short by Michael LewisAm I Being Too Subtle by Sam Zell

Combine this with the fact that state and local governments are putting moratoriums on evictions/foreclosures and you can easily fall into a position of hemorrhaging money.