Contributions limits are roughly 10x higher, there is no custodial requirement for the 401k, you can take participant loans, you don't need the additional expense and administration of an LLC to have checkbook control, there is a built in-Roth component, a spouse can participate, there are additional tax benefits, there is generally greater privacy, and the plans are often quicker to setup and cost less money over time compared to most IRA LLCs.

You may have to deal with pet, smoking, drugs, non payment, divorce, firearms, abusive tenants, physical damage, unemployment of tenants, physical disablement, disruptive children, disruptive visitors that come and stay, fire, natural disasters, management, all or some of the above and much much more.

@Barri Griffiths, I would use the current one as a guide but I wouldn't use less than 10% for total physical and economic vacancy.

For the 203k, work has to be started within 30 days of purchase, completed within 140 days.Do you plan to physically do the work?

I've only ever brought a physical check to closing at the title company. 

I know I should find out more about the neighborhood (I haven't physically visited yet - it's been all online viewing.)Not sure I'm giving enough information to get input - just curious how to even begin assessing something like this...

This will be my first purchase and I see a lot of potential but I wanted to see if anybody has any experience in buying out of state using a low to no money down (I.e va loan, fha, etc) without physically occupying it, or would I have to deal with a 20% down payment?

Also, the IRA has to be held under the custody of a fiduciary firm, which means custodial fees will follow.

@Danny Ondik people throw around a "rule of thumb" as if it's a basic law of physics that can't be altered.

@Clayton CrawfordIn the age of the internet, digital photography, and Google Maps, I'm not even sure why you would need to physically look at 50-100 properties that "don't meet your criteria."