Also, I'm assuming I don't get to deduct the $143 principal portion of the payment because that is contributing to my equity.I don't know why this seems confusing to me sometimes, but it does!

Ask your other sibilants to contribute to the purchasing of the property.

It's separation from the property from another degree which isn't a bad thing.And if you like that model then there's no reason to create a new LLC and contribute the property into that LLC unless you really want. 

Sorry...don't mean to sound like a parent or anything here : )If you are super passionate about this type of venture, I would find some like minded friends or family to share this investment with so that you only contribute a small part of your inheritance to it.

Currently a W2 employee contributing to 401K which has been destroyed since the start of the year and has me re-evaluating my investments.Interested to see what most investors on here do with their income?

I.e. if you are a CPA with a good understanding of RE depreciation, you could contribute that to the group without having actually 'invested' before

The habits that help me overall definitely contribute to my success as an investor. 

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

You would then get the title insurance under the name of the LLC and yours at closing as suggested by your title company, and then later you could add your other partner in the company.If the LLC already exists, you can create a new one and then sell/contribute it to the holding LLC.It becomes more complex but it gives you a way around. 

In the BRRRR podcast, episode 327, David Greene made a comment (1:08:30ish) suggesting his single-family homes tend to add equity for him and his multi-family homes contribute more cashflow.