As for the agreement, I'd say you're in control here.

Once you have 2 within the city limits you become subject to rent control....and their rent control is very very restrictive.

Yes, Richmond is dramatically different, although some parts of them are surprisingly similar (like some parts of East Oakland and Richmond are very similar demographics, pricing, rents, etc, except no rent control in Richmond..

This will put an inquiry on your credit, but that has minimal effect, drops off relatively quickly, and the increased limit will improve your utilization rate.As far as condos go, I know a lot of people on BP don't like them because they don't afford you the amount of control that an SFR would, and I somewhat agree.

You will then be in direct control of the funds in a local bank account held by the LLC.  

Because this is considered a "cloudy" deed and there is a tiny chance of the person that lost it at tax sale making a claim on the property, the bank will not mortgage on a tax deed.  

I was a victim of the 2008 crash and lost everything in Tulsa.

A couple of weeks later, I found out that the auction was actually for a second mortgage and that the primary lien holder was now foreclosing against the guy I lost to.

I stepped in and negotiated these all out for them. paying a bunch off foreclosing on a bunch etc etc. they got out of it by the skin of their teeth but lost ALL their money.

Basically, the less interaction with the investments, the better.A Checkbook IRA LLC or Solo 401k will put you directly in control of the funds and eliminate the 3rd party layer.