Don't share to much since you don't have the asset tied up yet, but how many doors?

If I were in your shoes I'd be looking at multifamily properties.

Will the buyer be able to negotiate the price, or our you going to tie up the property with a contract.

If I were in your shoes James, I would pick rental, for example.

Buying a mobile home park and possibly a few other properties tied into the deal.

An LOI isn't strong enough to tie up the property.

In a slow market the landlord might have the right to collect months of rent but the cost of successfully suing and collecting usually is not worth the effort.Other than some value in psychologically tying some limited number of tenants to the rental unit, what, if anything, is the value of a multi-year lease? 

We buy a property that may need some rehab before its rented out and I don't like to tie up my cash long term, so I  bring in a financial friends IRA to put up the funds.

Then that doesn't tie up your credit and name into the deal. 

It is very difficult to obtain a loan directly in the name of an LLC that in all likelihood, the lender would require personal guarantees, meaning your personal credit is still tied up.You could always sell the property and take your earnings and go your separate ways.