One unit has bedrm and bath closed off due to water damage, it's currently rented as a 1BR but could be repaired and rented out as 2BR probably for an additional $200-300/mo.This seems like a steal, assuming everything checks out with house inspection etc, but what makes me most nervous is I'm not planning to do this full time, I have a job and I can't be driving up there every week to coordinate the repairs and check on them.

I effectively own a house and i have it as an investment property.

Also I need them to be licensed and bonded, If they're not licensed, and it's cost effective, I might be willing to pay for them to become licensed.Thank you BP members for any feedback!

Seems the Middle GA area is a good place to start, lots of opportunities here

Turns out buried on page 19 was something saying for 5 years I could only rent the units to people who made 40% or less of the median income, or something to that effect.

. - Water damage is a big one.

If that is correct in my understanding then you are effectively lending monies to your IRA, which is prohibited.If on the other hand you are stating that you are creating a JV (20% IRA, 75% personal and 5% third-party), and your portion is a personal guarantee pledge of ownership to borrow the monies to pay for your share, then you are extremely close to stating that you are using your IRA based partnership to enable you to get a loan which is a prohibited transaction.While these appear to be good food for thought, as professionals we would be happy have you test the case with the IRS so that we can all learn from your experiences (I am sure Brian would concur too) :-).

Under Virginia law, they have 2 days to record, otherwise they can face damages.

That's the only logical thing I can think of but not sure how effective it is...?

RENT CONTROL: Btw, the rent control is not in effect in Richmond, although it will probably get passed on the ballot in November I am predicting..