The trick was to 'treat it like a checking account' while putting your whole paycheck against the HELOC (mortgage balance) and just paying bills out of the account.

So the fancier way of saying it would be the DSCR worked for them and my net worth was greater than the loan balance.

I would do 2nd mortgage with the interest as high as allowed by your state to secure your investment and the balance of the promised return should be in your JV agreement in the LLC.

Properly done, there should not be duplication of coverage with the exception of Liability. 

Sometimes the requirement for down payment can be less on larger commercial deals.You may not personally refinance or pay off the IRA.In the future, once the IRA has built equity via appreciation of the property and paydown of the loan balance, there may be the opportunity for the IRA to refinance and pull some of that equity out to create more liquidity for the IRA.

Properly filled out forms from an attorney often go a long way in these situations.

Trading of a 5% for a 10% return has to be balanced against the hard and soft costs of travel to visit the property, no sweat equity, the use of a property manager, etc.

If the Master policy is insured correctly then this should satisfy your lender, however, if the association has chosen to cut corners and is not fullying ensuring the property/building then your lender might require you to purchase flood insurance to balance the requirements of the loan.

If heirs are involved they will need to put the estate through probate to transfer title properly. 

A lot of those old ones are not up to code with pressure balancing.