In that case, the self-directed IRA LLC is an equivalent program providing full control over investments and the ability to invest in anything the IRS rules allow.Generally speaking, when someone is self-employed and has no full time employees, and looks to be in that situation for some time, then the Solo 401(k) will be the better option.

Ordinary income rate all the way.Are these all bait and switch type listings, where they are offered at like 80% of FMV, hoping to be bid up?  

That's about what I get at work so it pays for me to stay employed.

Personally, I like Indianapolis over Memphis due to the fact that it has stronger population and employment growth.

Thank goodness you are educated enough in the process to essentially to negotiate this close yourself, a lot of folks would still be stuck on their baited hook wondering when they'll get their $$$.

I employ the idea of finding properties not for sale yet, either.  

But David Elefant I honestly believe, having been a student tenant throughout undergrad and law school, that you must define the tenant profile you desire within the overall student housing market, if that's truly the strategy you want to employ.

This applies to employee/employer relationships as well.

Background: I am a self employed healthcare pharmacy IT consultant working 80 hours a week by day and a real estate agent and investor on the side.

Also, it's deemed to be earned income instead of a passive investment so you'll also be subject to ~15% self employment tax in addition to the income tax.