It worked out when I lived in the property, and self managed years ago.

Up until now I have always self managed.

I would first check if its legal to add a kitchen, then if so I would make it self contained with kitchen, WD, etc. 

@Timothy YenAs a plan provider, I cannot make a specific recommendation as to a company to work with per BP guidelines.What I can help you do, however, is refine your question.I'll start with the fact that there are only a handful of firms that offer quality self-directed plan services, and experience, quality of communications and responsiveness outweigh geography for the most part.Self-directed IRA's come in several formats offered by different types of companies.

@Erin Meighan It depends on if you are going to self manage. 

Spend some time every day learning about the business and you will start to feel more confident as you go forward. 

I plan to self-manage and eventually house hack once one of the leases expires.I would love to here any last minute tips for a new investor about to plunge into the world of property management.

We will be seeing a lot of these companies fold as interest rates climb, spending tightens and the market self corrects. 

You need to network, have your deal laid out that way your lender will feel confident that they will see the return on their money. good luck. 

DepreciationNo self employment tax on passive incomeYou get to write off your mileage, interest, taxes, and other expenses related to the investment property.