The net profit concept is critical.

If your appreciation plays are not sufficiently cash flowing at that point (which they should be if you invested intelligently) then at that point you could look to 1031 exchange into higher initial cash flow markets (but only if you are willing to move there to garner the critical home court advantage) ...As for speculation, I have to respectfully disagree there too.

A lot of credit is due to my super broker, @Jerry Stanford Jerry went over and beyond to ensure that all the procedures where followed and became a critical part of the process.Contract signed, escrow company selected, closing date disseminated, great.

3rd party verification ( bank statement,cashed checks, owner verification)Establishing him paying rent on time is critical, in our experience a small percentage of humans change behavior so in this case past performance is a good indicator of future performance.2.

Then the millenials will start criticizing a younger generation.

The (3) take aways you reference are hyper critical keys to ultimate success in TK out of state investing.  

I won't say it is my favorite but it is critical that we have added a pass through of  noise ordinance violation fees.  

I'm in no way trying to be critical of your post.  

If you're bringing investor money to the table, that's yet another service you're providing critical to the deal.Whether you can have them sign an exclusivity agreement again comes down to a business negotiation.

Some custodians will go so far as to reject a LLC that was not prepared by a professional provider or attorney, as they do not want the liability of supporting an untrained investor going the DIY route.So, yes, the LLC operating agreement is necessary and critical to proper implementation of a checkbook IRA.