That is why you'll want to involve an attorney.

Also to perhaps meet and get more involved with the Indy community and beyond. 

I  also wanted to tag @Rawn Wilson - he's another Pearland investor and is looking to get involved with meetups in the area. 

I have learned this through @Brandon Turner webinars, podcasts, etc.Now that I have seen other fees involved with hiring a property management company, it seems like that 10% will be much more.

Is your realtor involved?

Since I have a full time job I don’t have time to oversee everything involved in real estate investment so I will also likely hire a management company.

With the custodian approach, they hold the funds, sign every document, cut every check, and receive every deposit.If your investment interests are more dynamic, and will involve multiple assets or assets that require a lot of transactions such as rental property, then a plan offering checkbook control such as an IRA-owned LLC will be more more effective and efficient. 

I have been involved in the past about sales managing and maintaining commercial properties as well as construction projects into retail, banking, movie theaters, and a hotel.For about a year I have been watching and listening to a gentleman that has about 25 years in the experiencing of successful real estate buying and selling apartment complexes and currently owns almost 5,000 apartment units. 

Government run economic agencies, The Chamber of Commerce, heavily experienced Realtors in that area, current Housing Associations, heavily involved Banks involved in the local financing may all be successful at helping you to find the right information you need that will help you decide on to what to do.  

I'd advise talking to a real estate lawyer before you get involved in pre-foreclosures and ask for guidance regarding state and federal laws.