If you have the extra time, I recommend spending some time calling owners around your area.

Took a long time(3+ months), but they got the insurance to pay $42k for a new roof and some protrusion damage. 

I’ll need to set up a trust after renting it out I think (losing time at this point).

But as my first one I learnt a lot doing this deal so hoping to use that for future deals. 

If so, is this something I can get a template of online or do I need to seek one of these documents from an attorney to then present back to attorney signed by both parties to then draft a formal contract?

I have one builder.

I still think syndication investing is fine within a self directed Roth IRA (or traditional IRA).The hold time on a syndication may only average about 5 years, which means when investing outside a syndication you are usually recapturing that depreciation anyways at a time you cannot choose/control as a limited partner.

One great tip I received from Rob Abasolo is to invest more into your existing property to maximize revenue. 

Deciding when to sell a rental property can be one of your most challenging decisions.

Average rent in this area might be $1100-$1300/month if you have a nice property but this one is outdated so you would probably get $950/month.