This deal proved to be the perfect balance of financial gain and personal enjoyment.

Personal Guarantee: Will you require this?

Personally, I advocate for a long-term investment strategy and would recommend investing the funds, provided you are comfortable with the expected return on investment over time.

There is an amount that you can distribute from an IRA account to purchase a personal residence.You then might be able to turn the personal residence into an investment property.Best of luck.

We would want to use it for personal use probably one per year. 

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

And what if the one person you didn't check has a criminal background, has collections, and more?

I'll let others chime in on their experiences, but from a motivational perspective, I think attending live events and getting the "conference high" is something that only happens through in-person connections and being in the same room with investors who are eagerly pursuing their real estate/financial goals. 

The last one I say from personal experience.

If someone injures themselves and sues, they will be suing the LLC and not you personally.