So I am trying out this preforclosure venture.

After getting an attorney for another business venture, I was able to parlay information on the rental and he fully supported my actions.  

This will be my first deal and venture into real estate.

We'd generally recommend that the IRA have its own stand-alone entity and then lend to or joint venture with the partner.  

In Ohio buy on a land contract and get private lender money for the fix upLand contracts are awesome to get title quicklyIf the numbers are thin you can look at doing a joint venture with the seller where you are buying on land contract or sub2use priate money to improve and reselling and then on your joint venture agreement when you resell have some kind of profit share

HELOCs work differently than other loans, so understand how they work before venturing in that direction. 

I have been there for nine years and recently my landlord has given me the option to purchase the property from him as he wants to get into other ventures.

Wishing you all the best on your real estate venture!

I've thought this through for months and have done a great deal of research to prepare myself for this new venture. 

You can earn more if you manage the property yourself... but if you are busy with other ventures, a management company might be a good route.Although no one is getting rich on their first income property, you could feasibly have it paid off in full in 6 years or less and then aside from depreciation, taxes, management fees and whatnot, it's cash free and clear.