My understanding is that since late fees cannot be assessed until rent is 30 days past due, the state views discounts to pay by some certain date as a late fee in disguise.Regarding the lease options or lease purchases, I am not sure how they're structured here as I have not been involved in any.

Hello everybody, I’m a new member to the bigger pockets community but have been involved in buy and hold rentals for 5 years.

These are things that are not visible to the naked eye.

I just keep my eye on the prize with a huge WHY? 

We are in the DC area and have contacts in MI, so we were thinking probably OH would be best for us, since we can have "eyes" on the property if needed, with short notice.However, maybe it is just not necessary if the provider is great and I just need to do a good due diligence.

There are two steps involved First, what you need to do is: A) First figure out your casualty loss ( even though you received the money form the insurance, they usually pay after your deductible amount, the deductible amount could be your loss, at the least.

My capital is $480K cash on hand, I want to be totally involved with every aspect of the transaction. 

The past is the past.I would also point out two things based on your comments that may indicate why you chose to go in a different direction.  1) The use of a self-directed IRA custodian - where they have to sign every document and cut every check - is not well suited for a portfolio that involves a lot of assets or assets that create a lot of transaction activity. 

I have my eye on a lot that is selling for 90K (2200 sqft), properties in this area are being sold for around 420K.

So, he will do seller financing and he wants to remain involved managing the place ...