Then it would possibly make sense to re-characterize into a Roth and buy the property (for tax free cashflow)...

This is a common issue that college student housing faces.  

Is this common practice? 

The best language to use with the 7 figure boys is to show them facts, profits and a deal that makes sense!

Hope this makes sense.

I've yet to see anything make sense there.  

I have never been to a place that did not have deals and successful RE investors locally.I have the sense that there are going to be some great deals had on the next downturn when all these out of town investors dump their properties.

Makes sense thanks @Jon S.

Good afternoon BP friends,I'm looking at setting up an SDIRA for the specific purpose of buying a single property - an undeveloped lot - and I'm trying to determine if it makes any sense to use an LLC and/or have "checkbook" control for this particular SDIRA.My initial thought is that since this SDIRA would be to buy a single piece of undeveloped land and then hold that property as an investment for the next several years, that the additional complexity and expense of an LLC and checkbook control would be unnecessary.

It made no sense than and it doesn't make sense now!