Pretty sure he outlined how it went.

I have clients using one or more of the strategies outlined above, and changing strategies over time and relative to specific properties.  

Even through we are buying for a long-term hold with 1-3 partners, we take the same approach outlined above: first determine what will be the performance and value when we either buy out from - or sell out to - our partners.I care little about the CAP rate, but am only willing to pay so much for the present cash-flow of the business; there needs to be room to create sufficient value to reward the effort and risk of repositioning the property.The problem is even when I work backwards from where I believe I can take the business, I'm not arriving at acquisition numbers that entice the vendor.My conclusion has been there are no deals in the current market.  

Do we need a state recognized entity/partnership, or can we just have a lawyer draw up an agreement outlining the above?  

We wrote the sellers a letter outlining what we would like them to do with the roof ect...

If the SDIRA is engaging in a trade or business on a regular or repeated basis (primary focus or otherwise) then it is subject to UBTI.The code outlines that if a tax-exempt entity is engaging in a trade or business separate from its primary tax-exempt mission - such as a hospital providing healthcare - there is exposure to UBIT, such as if the hospital runs a bookstore.  

Make sure all of the utilities payment responsibilities is outlined in your lease agreement. 

I am trying to put myself in position to follow a similar game plan to Brandon Turner's seven years to seven figures outline.  

Your Residential Lease Agreement should outline all the appliances that are in the unit (make, model, serial number; that the described appliances belong to the Landlord; and are Tenants' responsibility to maintain/repair.Further, your Residential Lease Agreement should have a paragraph that states "Tenant shall be responsible for the first $125.00 of incidental repairs."

I've had success bringing sellers back to reality (or at least to my side) by outlining the reasoning behind the numbers I provide.