If you're clear on your goals, you can define your path.

In addition to that you must understand a "prohibited transaction" rules as defined by the IRS:https://www.irs.gov/retirement...Basically your retirement plan can not engage in any transaction, directly or indirectly with "disqualified person". 

Define and document an "Out" strategy for both of you.- Last year due to Covid the SBA was covering 6 months of their interest payments. 

(side note, wouldn't it be hand to have a word to define what it is to take something of value from a person without paying for it, intentionally.....) 

Is "gift" defined anywhere in Fannie Mae or otherwise?

In regards to your question, I do not think there is anything you need to look out for specifically, it is just important you understand the market and define your strategy.

This is one I would definingly turn over to an attorney as you don't want to give the wrong person access to his things but also need to have a way to ensure your property remains safe. 

You have the steps backwards:1 - Define the size and type of property you will be looking for.2 - Establish a set of rehab fixes you want to do on all of your properties...with pricing. 

It's also important in your lease to define what you're responsible for so that both the tenant and PM don't come to you for everything. 

Should I wait until I have clearly defined my intended market, strategy, niche, etc.?