I do have the 20% down payment in account that's not my emergency fund.

IE most folks renting <$900 do not have bank accounts.   

Originally posted by Account Closed:That's really stunning.

You just have to sit and study it and plan on how to put it all together to make the property profitable.

Does anyone have a legally reviewed/approved non-recourse Promissory Note they could share that was used for a self-directed IRA account transaction in which the IRA acct. was the Note issuer?

My debt is under control and I have a savings account just for investments.

@Rich Hupper I’m not too knowledgeable about what the bank might require, but as part of your due diligence you would probably engage an environmental/engineering firm to conduct a Phase 1 environmental study.

Study and learn as much as you can. 

@Christopher Phillips and @John Leavelle: what should I be accounting for in repairs and capex?

So far, the accounting firm had been filing 1120 form, but I was wondering if we can file in the form 1120-H ourselves without involving an accounting firm.