You may be able to reduce taxable income by contributing to a Traditional IRA, but that depends on a host of other factors and there aren't enough details to advise you about that.Before you continue in this business, you may want to consider meeting with a tax professional who can help you structure this to help reduce taxes for you in future years. 

She's got ~$25K in an IRA already in her name so that should cover the required reserves.  

I personally like stocks also, so invest about 2% to 5% of income into stocks and also about 5% of income into a Roth IRA. 1. how's your personal consumer debt (reduce it if any) 2. how's your emergency fund and what would give you comfort if you lost your income? 

I have also stopped putting money into my Roth IRA because I want to access the funds before age 59 1/2.

I use Quickbooks Pro for the properties and Quicken Home and Office for my personal accounts, stocks, IRA's etc.  

@Arty FreshYears ago I found making money in my ira/401k worked well for me to alleviate the tax burden. 

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

@Frank Capaldi as @Michael Ealy recommended, private money can be a good option in this situation.Many times, if people you know have an old IRA you can help them set up a self-directed IRA and make you a loan secured by the property, to refinance out the hard money lender at much lower rates.They may be thrilled to get a 6-10% return secured by real estate and backed by someone they know, while you may be thrilled not to be paying 14-16% interest.If the hard money rates are killing you, it can be a good interim/stopgap solution to give you some breathing room until you can fit into the bank/credit union box again.

I need a Florida based attorney to create an LLC operating agreement for and IRA owned LLC.Does anyone have any recommendations?