You'll need a good accountant to help you calculate this annually.Non-recourse lenders generally require a higher down payment, have certain property requirements (must be income producing, etc) and the loans are generally structured as 3 - 5 year ARMS.A third scenario would be your IRA co-investing with someone else as tenants-in-common.  

To counter this, I see more communities providing a common area, "designated grilling area" on a slab away from the building.

I budgeted for $50/yr per unit, current assoc dues are $125/mo per unit.How much deferred maintenance/repairs should be in the budget considering association dues cover all common parts?

My 2 cents on this one:@Ann Bellamy - I'm assuming that the reason the heat costs are so low is because the utilities are in fact split and the only heating expense is that for the common area (laundry + whatever).

Particularly looking for multiplexes 10+ units, have financing and potentially cash for down (can flip other properties)particularly looking for places that are rented at below market rents - which is common from Triangle thru Triad...

In GA (Where I primarily invest) basements are not all that common or sought after, where as in VA where I live, if you don't have a basement the house is considered much less desirable.

Depends on the risk of the deal, the holding time, and the operator's track record.Consider that investors regularly have access to projects from very experienced leads where the leads are all investing their own capital, and that common terms may be 7% pref, 75/25 profit split, and say 1% acquisition, 4% management, and 1% disposition.I probably wouldn't take a chance on a new operator.  

If you mean the mortgage underwrite, it needs to be a complete and functional home with no apparent health or safety issues.The bathrooms can be old, nasty, and gross, but they must be complete and functional. 

Yes I understand there are many facets and variables with an undertaking of this magnitude, but blood, sweat, tears, ingenuity and common sense can create marvels and monuments then this is no different.  

Brian is correct in that if your IRA funds a RE purchase, you cannot funnel any of the proceeds to yourself personally.However, if you co-invest personal funds with your IRA funds as tenants-in-common, you are entitled to your share of the income, based on your percentage of personal ownership.