Draw up the loan papers with the Ira as the lender.

Get all your ducks in a row and leave a paper trail for court . 

.- Income distributions are taxed at ordinary income rates, but there may be no taxes at all if there are "paper losses" from accelerated depreciation.- If cash is returned to the investor through a refinance, that is a partial return of equity and a non-taxable event.- When the property is sold, any gains are taxed as capital gains. - A 1031 exchange of sorts is possible if you roll the sale of the limited partnership into a similar and larger limited partnership, but you cannot 1031 directly into your own property acquisition.Am I getting this about right?

On paper you could buy a bunch of 30k homes in class D Midwest hoods and rent for $850 per month .

If I plan to manage the property myself what  kind of paper work do I need?

I don't recommend that for new folks but if you're confident in your ability to find problems battle cause a higher-cost rehab the net is a very strong way to offer. another thing I do here in the hot Atlanta area cuz I signed and less competitive area for the past two years I've been buying in smaller towns 30 minutes commute to good jobs up and down the freewayssee a paper I've linked in my profile the first paragraph in my profile called how to buy a bulletproof portfolio of rentals.move to a lower competitive area but still must have good jobs best growing jobs.

The paper work alone is my biggest pain.

The walls are vinyl over gypsum (VOG) walls with textured paper.

Next time consider using the e-file function of the tax prep software so you dont have to print out a million sheets of paper and rush to the post office last minute.

Originally posted by @Jenifer Kynor:Personally, I prefer online applications over paper applications.