You also seem to have fudged the expenses to make it look good.  8% vs 10% PM, plus you left out 2 of the most critical expenses to account for, Vacancy (8.34%) and CapEx (10%).  

Oh how I wish :)@Skyler Massey, I'd go back to your 8824 that was filed on your last tax return by your account. 

I do receive rent money for the property via check, into a separate checking account not tied to the IRA.

At 42, you have a comfortable timeline of 15-20 years to take advantage of significant capital appreciation right here in the Southern California Market while maintaining positive cash flow as you build your portfolio.You may want to reference the blog on my profile page that details a first hand account of getting started in multi-family and where that can lead. 

Hello everyone,I currently work for a large REIT in Cleveland, OH as a development accountant. 

Have the maintenance manager create a voicemail message on his phone stating that outside of business hours only emergency calls will be responded to, laying out exactly what an emergency is, and then say that if they proceed to leave a voicemail and it's not an emergency they will be fined $50 on their tenant account.

We have attorney's, escrow accounts, and financial payment certifiers, however opening a dialogue somehow feels slimy now...      

My question:  Is there a service that I can engage that will automatically deduct funds from his account and deposit to mine. 

Account Closed Welcome back!

Your tax accountant will explain the correct filing next year - just make sure to discuss it before March 15.