Here are some of my initial thoughts:After you pay a manager to run the operations, what is the net profit?

I suggest you Google "APOD", which stands for Annual Property Operating Data. 

Such a vehicle is designed to operate from a tax perspective exactly like any other IRA, and simply opens up your investment choices to include things like real estate.  

At that point you have a general partnership and 1065 obligation.If you're doing that, it may be advantageous to take it one step further, form an LLC and write your mother into the operating agreement as the functional equivalent of a limited partner. 

I have a rough draft of an operating agreement that I drew up with my partner and I would like to have it reviewed.

Operating agreement for LLC5.

Does the 1% or 2% Rule come into play before subtracting operating expenses from monthly income or after?

Unfortunate to hear about your experience with them.I met with Oscar and a few other people in their office to hear about their business and operations.

So we decided to go for it.The property was operated by a mom and pop operator, who had taken great care of the property, but had allowed most of the residents to pay minimal rent.

I have been contacted by a home care company that operates senior assisted living care homes.