LLCs offer no tax benefits, they mitigate liability and the fact that this is on your personal property and you'd be renting to yourself, there's no liability to mitigate.

@Romane DaleyYou can't borrow from an IRA; the only way to access IRA funds for personal needs is to take a distribution, which would be taxable, and penalties on top for premature distributions. 

The value add will include TI's and renting out the 50% of the square feet that is vacant.The hangup is that in a TIC structure we have learned that every person must bring money into the deal to achieve an equitable split.

However, if you do identify something (or multiple properties) by July 15 and then decide later you don't want to complete the exchange, you'll have to wait until near the end of November to get your funds back.  

It has not been well maintained over the last 19 years with a string of just bad renters and the person I had managing it just didn't do good quality repairs or work to it. 

I personally own properties in the counties of Orange, Los Angeles, Riverside and Kern.

@Rachel Chioreanu your PMC is following the law.Let's say the property suddenly becomes uninhabitable or the tenant is a victim of domestic abuse, both of which would legally get the tenant out of the remainder of their lease.Where would your PMC get the rent funds to reimburse the tenant if they've already disbursed the funds to you?

There are other funds etc. you can invest in that are also passive, that provide better returns than vanguard but again, they have risk involved and is a few hundred extra bucks a month worth the risk?

That said, we're not overly familiar with this market, where to look, or what sort of funds would be required to allow a rental to work.Again, some sort of house hack and MTR strategy would be great but open to suggestions.

It only says "some personal use" with no quantity specified.