Get out there start being active! 

That entity being invested in would have the necessary state footprint.When using an IRA LLC to directly engage in what a state would construe a business activity such as direct ownership of an income producing property, then yes, the LLC would need to either be domiciled in that state or registered as a foreign entity to do business in the state. 

Hi Ronald, it is still active and listed with Salmon River Realty for $25k

I would recommend reviewing the guide to determine if your LLC has any activity that would cause it to be subject to the TN business tax.

@Chad Forgue If I were you, I would certainly be contacting an attorney who can better assess the current status of the property and advise on zoning regulations.

We form an LLC (or TIC if that is better) and I do all arrangement and he gets t still share profits with no active work on his part?

Hello.I have a duplex where I live on one side, and rent the other side on short term rental (considered as an active business for the IRS). 

I got the quote back for:Property Condition Assessment:  $4800Commercial Building Inspection: $2300Phase 1 - Environmental Site Assessment: $2000Capital Replacement Study: $750For all you seasoned commercial/mixed-use investors what would you pay for as far as inspections, assessments, etc?

@Joel SchanbacherThis appears to be a tricky question because this doesn't happen to often.I would do the following if I was working on it.I would report one activity on Schedule E for the property that you have listed.Report the income/expense items ONLY when the property was listed as a rental property.In regards to depreciation - I would list the asset during the year that it was a rental property and then I would "retire it".

Good evening everyone, I own a new brokerage in Boston MA  and have been trying to expand my rental team (huge business in rentals around here) more actively in the past few months.