To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

The BP function allowing you to check references and actually talk to real clients of those QIs is a great advantage.

Property management is a "nickle" and "dime" business.  

I’ve been in this business a long time, and I know firsthand how overwhelming that first deal can feel—especially when it comes to financing.

They have been managing fine, although not too busy, I guess because of the market.

However, alternatives like a Self-Directed IRA (SDIRA), a 60-Day Rollover, or a Roth IRA Conversion can help you avoid penalties.A SDIRA allows you to invest directly in real estate while maintaining the tax advantages of your IRA.

That's why I would never had a business partner.

Their entire business plan is wait a few days to come out, charge  deductible, go back to the office to order a part or two that will come in a day or two.

Fannie mae allows you to transfer your loan into an LLC, but it is recommended that you speak to your loan servicer and ask that if they themselves will allow you to do so.

I have never found anything he does or his business do to be shady.