My husband and I both know nothing about the best way to do this, but as rookies in real estate with only one property, I really want to do this first transaction right.

If you really want to pursue this I would attempt to get photos of the unit prior to when that tenant moved in (from the PM or the former owner - or at the very least a checklist the tenant signed noting any damages when they moved in). 

@Jim GoebelThank you very much for sharing your perspective, your thoughts are very useful for me, I have a little break from managing everyday issues, so I was thinking to make some decisions on who is responsible for  working fire detectors, what company to hire to check detectors and other safety issues, I am going to sign an addendum/reminder that people would not use basements as a bedroom if there are no 2 exits. 

IRS rules are very clear: IRA can not engage in any transaction, directly or indirectly, with disqualified party. 

I have been thInkIng of signing up for a property management franchise (my wife is a realtor) so I can hIre them on my payroll.

So for This transaction, only the interest will be taxed. 

., a direct trustee-to-trustee transaction) it will not trigger the payment of taxes.

They aren't for everyone and I AM NOT signing up for their educational system, which looks incredibly valuable, I just want to save the money I have for closing costs and any down payment I might have.  

Specifically I'm curious about bandit sign placement/laws, reputable transitional funding in the area, local investors residential/commercial, as well as local REIA groups.Any wisdom on these topics is more than appreciated.

@Brian Dombrowski any time you are providing private money, whether for equity or as a loan you best bet is to have a lawyer that specializes in RE draw up the agreement and assist you with the structure.There are a dozens answers to your question depending on many items, with who and if all the investors are under the same LLC etc. etc.Every investor I know that has done private financing had their lawyer draw up an agreement that the "borrower" accepted and signed.