The other issue I find when people draft their own is that if you have a problem and then need an attorney to work with you, it will be much more costly as they now have to learn your contract, vs the one they are familiar with and that is used widely in your area. 

@Yi Chu,Another important factor you need to understand is that when an IRA is invested in leveraged real estate (most MF deals are), the portion of the income derived from the leveraged portion of the property will be subject to Unrelated Business Income Tax (or UBIT), which can be offset by using depreciation and other deductions.

Over time, the income will catch up to the cost.

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the current bonus depreciation rate at 60%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

We've previously done one contract-for-deed deal together.Any advice is appreciated!

I'm dealing with a tenant issue at the moment and, honestly, as an out of state investor, I prefer the option that will resolve issues most effectively.

We source off-market deals, pair them with investors, and then hand hold through the rehab and city inspections when things are complete.We have existing contractor relationships and a team on the ground to keep tabs on things and keep you informed along the way. 

It’s better to wait for a deal that aligns with your financials than to over-leverage yourself.If you need financing insights or options to help bridge the gap, I’m here to assist!

What made you interested in investing in this type of deal?

For bigger deals, it’s always a good idea to set up a new entity, like a special purpose vehicle (SPV).