You get a home, you get someone else paying a lot of your mortgage and it serves as landlord pre-school for when you want to expand to other properties.

In a nutshell, you serve the Resident Agent and any Trustees in the Deed of Trust.

Hi @Jason L.

Other than that, I would say that a 12 unit park isn't usually worth buying simply because:* They are almost impossible to finance* They are very difficult to sell (for the above reason) and you will likely have to seller finance the buyer who exits you* You can't afford much in the way of management (this likely won't be a huge issue with an all lot renter park)What water and sewer systems serve the property?  

We need 3 years of financials for the building, a renovation budget, and a sources/uses of funds summary.I would start off by getting a YTD P&L from the Seller.

Originally posted by @Brandon L.

The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016, the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

The "agent" does not have to be a licensed real estate agent, just somebody who can have legal papers served when you have a lawsuit facing you.

I am going to defer to the more seasoned folks here on the site; especially those that serve.  

I own a condominium in a small association and the bylaws specify that only owners can serve as trustees.