Documentation being a perfect example.

By way of example:  I originally offer $100 w/an escalation clause to $200 and beating any offer by $1. 

Does anyone any an example Operating Agreement for an LLC set up for a Self Directed IRA to invest in real estate?

Never look at just one expense category, like taxes, to determine if it is a good idea to keep the asset.Always look at the overall underwriting to see if the investment would make sense if you were starting with a fresh 80% LTV loan. 

I have been interviewing GC's, getting references from them, examples of projects they have completed, and anaylizing if they are "investor friendly".

For example, it might possibly say that appeals should allow the owner to formally appeal in front of the board, in which case your request for a meeting to include your tenant should be granted per the bylaws.

@Will Grabert in your example I wouldn't have a lot cash left since during the storm I would have used it to buy assets when most likely their market price feel below intrinsic value.

For the type of property that AH for R purchases (see Chris Martin's note), when run by a big company, the numbers are going to be different than if you are looking at doing the PM yourself and have one property that might be a class C, as an example.

After moving back here to GA I am convinced it is time for me to join the ranks of the investors.I am very knowledgeable on many things real estate but completely fresh to the idea of investing.

For example if the property is $100k and a 5% increase or $5k breaks the deal for you, it may be time to beef up your reserves.