As far as cash on cash, you would't be receiving as much passive income because more would be going to mortgage pay down.

I figure this is likely the commercial space value and I could probably add $50/month on lot rent, or trailer rent on the non month to month trailers (all but one).I'm trying to learn commercial quickly, but I still don't know all the right questions, or what documents to request, or what things I don't know to ask that will bite me (are septic systems legal, violations, etc)I would appreciate any feedback on any aspect of this deal, from my financing assumptions, cap rate, reasons I want to like it, office rental income, etc.The numbers I used are from the P&L they provided, and seem really high. 

Your time and efforts have value, and if you gift such value to the IRA by performing services, you are effectively making un-documented contributions to the IRA and artificially magnifying the tax sheltering, which is why this is prohibited.The alternatives in the NPN space are to joint venture with other parties or use some kind of a note broker who is doing the workouts.

@James Wise That's what I heard too, but then I received feedback on this post telling me I would have to put down 15%.

If so, you will typically receive some level of "legal work" as part of the process.

I have received messages from them offering financing.

Or can he just hold us in limbo until he decides to notarize this document?

To clarify, the parents will receive their monthly payments on lending us 80% of the funds needed at 6% for our purchase, and 20% of the money lended would be an equity partnership where the parents would see their returns when we refinance. 

Sellers often don't physically attend the closing, but they will have to sign transfer documents with the title company or attorney to effectuate the transfer of title.

I wonder how many landlords/pms do a video walk through of their properties on a bi-annual basis to document that no potentially dangerous conditions exist.