I personally have made many mistakes, but then integrate best practices into my investment process to ensure the mistake is never made again.This lesson is “only pay once the job is done and has been verified by at least two other people who are incentived to want the work to be done well” ... generally I use local brokers who are interested in my new business and tenants who live in the house.

Even though I have a little experience I found it helpful to know I'm already practicing what David is preaching and book gave me a couple of new ideas, I recommend reading it..

Absolutely not I just got lucky,  I was busy building my law practice and just didnt get around to buying again until 2010. 

There’s hard money lending, owner financing or start practicing raising money.. you’ll be in for a treat learning how to do more with the knowledge of how to look for the money..Get’m cowboy

To answer your questions thoroughly, I practically have to write an accounting manual.

As an IRA account holder, it is questionable if you can draft them for your IRA because a) might be practicing law, or b) more likely, providing services to your IRA (violation of the rules). 

Therefore, I hope this document will help everyone come to terms with how important it is to abide by this Article 6: Code and StandardsCODE OF ETHICS AND STANDARDS OF PROFESSIONALISM FOR THE NATIONAL ASSOCIATION OF RESIDENTIAL PROPERTY MANAGERSIntroduction:The National Association of Residential Property Managers (“NARPM®”) promotes a high standard of business ethics, professionalism, and fair housing practices.

Then, once the property is placed in service, it is slowly depreciated rather than deducted - clearly a bad result.One way around this predicament is to place the property in service first and start the rehab later - usually not a practical option, unless it comes with a tenant or is in a rentable condition as is.Another way is to treat the rehab HM as the initial financing and the follow-up refi as refinancing of that initial loan.

Is this common/ethical/practical?

I also actively practice on analyzing dozens of deals in Florida and San Diego, and have been for about two months.