Quote from @Jordan Regier: Adding a garage is inexpensive and it provides you with a lot of options.

Quote from @Michael Daniel: It's very important to know what you are buying, which includes confirming the presence of a written lease and what the terms may be.Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

I also have a renter in there providing me income.

The owner had been living in these conditions for a long time due to mental health issues.It was heartbreaking to see.We agreed on a price and closed very quickly to provide relief.

There aren't many assumable loans, but it's worth the effort to find one.

What documentation will I need to provide to the IRS in the event there are any audits? 

When you have a fund and a loan comes back, you are still obligated to provide a return to your LPs whether or not the funds are redeployed or not.

For example, if someone pays me rent in September but owes me rent for July, August, and September, I record it and provide them with a receipt for paying rent for July.

I know I would like to find a way to get connected to the investor community in Peoria.

The idea is to find motivated sellers and help them through the selling process either off-market (wholesaling/investor purchase) or on-market (hands-on coordination, cosmetic prep, referral to real estate agent).