So I must express that for anyone else who reads it and considers attempting to do so.A colleague and I have been discussing one of his audits involving a self directed IRA.

I've decided to take whatever steps I currently can to become financially independent and grow a business so I don't have to work in a conventional office.

I've read some of the IRS audit guidelines that say about the same thing, when evaluating returns where the filer claims "real estate professional" status based on managing rentals.

A are adviced by this agreement to perform own research about C and the business opportunity, get advice from independent third party to confirm that it is a good legitimate business opportunity, A acknowledge that B not can be held privately or professionally responsible for investments, business, economical, financial, legal, or other A have given, or C received. if A and C decides to do prosecution, lawsuits, economical/financial claims or other towards eachother this is a matter between A and C, not B.

A corporation has formal requirements, meetings, elections of officers, audits and other requirements.

.* Current rent roll, lease start/expiration dates, sec deposits, past due amounts, copies of leases* Statements from tenants: rent amt and expiration date, security deposit amt, who pays utilities, any "understanding" with the landlord that they claim to have* List of capital improvements made past few years* Call utility company to validate amounts in past 12 mths* Call three independent agents to get insurance quotes* Look at at least one sample unit prior to making offer; look at rest when offer is accepted

Everyone has to deal where their own comfort level, but if you are talking about leaving your 9-5, being financially independent, and not being tied down to another job, then in my book it is MF hands down.

A recent thread asked about Independence, nor far from you....good luck.

And having a third-party independent inspector check out the property on your behalf will save you unknown major repairs.

I can assure you that I've forwarded this thread to my reps and I hope they will 1) jump in to address the issues and 2) look at the suggestions/complaints and improve things.I do believe that their product is very good for independent landlords which is why we've been working with them for so long.