If your IRA was lending to the partner and only receiving interest, that would be passive.In order to have exposure to UBIT, a tax exempt needs to engage in a trade or business on regular or repeated basis, so if you only did such a deal occasionally it would be a non-issue.  

The require frequent sealing to enable a serviceable life span and you can't expect a tenant to do that.Use a non-pouros surfaces like title or a newer product called solid laminate (see Homedepot or Lowes).

Many people don't like the smell of pets and it could affect your future rent.Warn them that if neighbors repeatedly complain they will have to get rid of the dog.

The following activities of a foreign limited liability company do NOT constitute transacting business within the meaning of the New Mexico Limited Liability Company Act:a. maintaining, defending or settling any proceeding;c. maintaining bank accounts;e. selling through independent contractors;f. soliciting or obtaining orders whether by mail or through employees or agents or otherwise, if the orders require acceptance outside New Mexico before they become contracts;g. creating as borrower or lender or acquiring indebtedness or mortgages or other security interests in real or personal property;h. securing or collecting debts or enforcing rights in property securing debts;i. investing in or acquiring, in transactions outside New Mexico, royalties and other nonoperating mineral interests; executing division orders, contracts of sale and other instruments incidental tothe ownership of such nonoperating mineral interests; and, in general, owning, without more, real or personal property; j. conducting an isolated transaction that is completed within thirty days and that is not one in the course of repeated transactions of a like nature; ------------Nor shall a foreign limited liability company be considered to be transacting business in New Mexico solely because it:1) owns a controlling interest in a corporation or a foreign corporation that transacts business in New Mexico;2) is a limited partner of a limited partnership or foreign limited partnership that is transacting business in New Mexico; or3) is a member or manager of a limited liability company or foreign limited liability company that is transacting business in New Mexico. ----------------------------------------* as per note above:b. holding meetings of its members or carrying on any other activities concerning its internal affairs;d. maintaining offices or agencies for the transfer, exchange and registration of the foreign limited liability company’s own securities or interests or appointing and maintaining trustees or depositories with respect to those securities or interests;k. transacting business in interstate commerce"

I tell him no, and repeat that I'm just interested in the $100 3-day pitch.  

@Travis HauserIf I were in your shoes with young children (I'm assuming pre-school age) I would buy my first rental property (sfh or small multi) as an owner occupant - Live there for a few months or a year and move to your second rental property as an owner occupant - repeat as often as possible - Once your kids are school age, this will become less attractive because you will want to keep the kids in the same schools

2) Do 'seasoning' periods affect how quickly you can "RR" (Refi and Repeat)?

People that get into new construction get taken advantage of frequently, by sub-contractors and superintendents by inflating proposals and doing kickbacks.

In your experience, how frequently are offers made without the inspection contingency?

I keep the attendance small so it is a better learning environment with time for frequent Q&A, so I have to charge for each ticket.