I found an 8-plex for $250k with $55k profit per year. 

You can buy a property but all income, expenses and any profit stays within the IRA. 

My wife's parents just completed a three unit in a transitional neighborhood and are getting higher rents and younger tenants.

WHile im supportive of the policy, and knowing who is in the neighborhood, a yearly fee to keep an excel spreadsheet, with a fine, seems to me to be a profit point for the HOA management company.  

Government runs the school system and the government is a business.....The profits from the high tuition benefits the schools, the government, and the banks. 

Planning on partnering with my cousin on a property and since obviously we file separate tax returns, I figure it'll be easier to manage profit sharing through the LLC.Whether or not we buy the actual property through the LLC is to be seen, but based on the bit of research I've done, that is unlikely.

I previously worked for a non-profit developer and the developer's you want to work with will not only be established, but have experience working with various tools and funding sources particular to non-profit organizations.

The education is worth as much as the profit.

@Ernie V.If it doesn't cut into your profits why not move out and let a property manager run the duplex for you?

I worked for a new home builder for 2.5 years and about 6 months ago, I transitioned over to the resale world.