@Betty Carson To clarify, one does not typically purchase a home using a self directed IRA funds.  

TBC recommends using a mortgage broker to write up the notes and TDs/Mortgages.

Using a lease/option would button up issues like bankruptcy risk and such though so I would love to learn more if you have engaged the experts necessary.

I should add that a court probably isn't going to look at the owner's title on their business card, unless they decide that you're trying to commit fraud by using a certain title.

Talking with a seller who wants to avoid using a real estate agent, which I don't have a problem with but want to make sure the deal is done according to law.Is it possible to buy a home in San Antonio without an agent?

But generally you're better off using a service specific to real estate investors.  

If your wife has POA, she should be paying his expenses out of the income from his investments, and the incomes should therefore exactly match the investments.Leaving that out makes your monthly income about $6200.What is the actual rent on the rental, and what are you using as expenses?  

@Pete Sailhamer are you saying:1. using an LLC, use 20% of your own equity to2. buy the properties at a 20%+ discount (aka "distressed value) and 3. finance 80% LTV using a private money / hard money lender and then4. cash-out refinance the properties to pull out entire initial equityI'm facing a simiailr scenario and would love to learn the best way to pull off a deal like this when there are several cash-flowing properties for sale (with equity).** I should mention my long-term goal is to build a portfolio of properties (~5) to obtain a portfolio loan DP's on 1-3 apartment buildings.

If you are using a lender, the will probably not let you do the deed transfer yourself.

My wife and I bought a condo last year using a VA loan.