@Jay Hinrichs I admit I increased my vocabulary looking up definition of hoary,  meaning old, white or ancient... but point well put and found way to Howey test (1946) for securities is broad and can be applied to  JV's, LLC and general partnerships As such, those being a sponsor of agreements should have proper legal counsel to advise them appropriately with caution,  as mentioned its all great until it doesn't go right and money is lost. 

Also, a good rule of thumb for expenses is 50% of rental income.

You just have to make sure that your property is rented and meets the 1.2 debt service coverage ratio with the rental income it brings before you apply for the refi.I am assuming you are planning to buy with your own cash or some form of short term private financing.

There are special rules if you qualify as a real estate professional, your losses are not capped.

I have literally never seen a property that would satisfy the 1% rule, and costs seem to be higher here (no or reduced beneficial mortgage treatment, 10-12% management costs).

Using personal funds to pay any of the expenses related to the property owned by the IRA LLC would be violation of the IRS rules and will disqualify your IRA. 

A good rule of thumb is, the more players involved, the more focused the target and strategy should be. 

Here are the numbers:Monthly Payment: $1,255.60Principle balance: $177,466.11Principle: $301.61Interest Payment: $555.52Escrow Payment: $398.47Mortgage Insurance Payment: $125.36Additional Principle I pay each month: (Roughly) $144.40, to make the monthly payment an even $1400.I was given a rough appraisal of about $275K to $290k, and I know id need to meet the 75% LTV rule, so there's probably not as much Cash out equity available as I'm hoping for, but I figure Id see what my options are.  

They are pretty strict on these rules.  

Makes the number work great if your a buy and hold looking for CASH FLOW.Bottom line, put 20% down and buy with no less than the 1% rule.