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I talked to the tenant directly and the mortgage estimate is $350 while he is currently paying $850/mo for rent. 

@Amy DeCesare While the areas you mention could certainly benefit from more multi-family units, generally people in the more affluent parts of the state like Washington county oppose such new development, either indirectly through zoning ordinances like minimum lot size and parking requirements that make it almost impossible to build (as @Brandon Ingegneri mentioned), or directly at zoning hearings where neighbors show up and oppose it because that they don't want to change the "character" of their neighborhood.It can be done, but it's far more the exception than the rule and requires big bucks, political savviness, and the ability to make a big bet and absorb the loss if you lose.

There are a lot of great resources here including the podcasts which you've already discovered :)There was another thread recently where a few of us were discussing buying in Woonsocket, thought I'd point you in that direction since you did mention maybe buying units over in that area.

I tried to direct this message to you but I cannot figure out how.

Has anyone used 'IRA Financial Group' for their Self Directed Real Estate IRA? 

Were there any unexpected hiccups?

It is possible that the real estate portion will have a minimum bid, and would not sell if that minimum isn't met, in which you might still be able to deal with the owners directly after the auction.

Feel free to send me a message and I can give you his direct line.

Creating an LLC could be fast and only taking a few business days.You can also get your EIN imediatly online when the IRS website does not crash like it did for one my LLC and I had then to revert to fax and wait 2 weeks for the fax back.However getting a bank account could be an ordeal with certain banks and take over two weeks for their compliance Dept to approve it.Last, if your lender is ok with it, it would be better to buy your property dIrectly under the LLC name.