Are there limits on the type or size of the business?

It pays to know your limits and ask for help lol.

They will code the property, the category it belongs to, and pass that to the accounting department.If you hire a general bookkeeper, you might see that problem of coding it completely wrong versus someone that focuses mainly on real estate.To give you a bit of an insight, I am a developmental controller and I am currently handling over $200 Million in transactions for residential/developments. 

My partner is funding most of the down payment and closing costs as a limited partner.

The limits are determined by state law.If an IRA owns an asset such as real property, a tenant sues, then they are suing the IRA. 

@Dan Mitchell If I didn't know who was in my house and my PM was out of business, I would be on a plane out there to get the situation under control.

The loan limit was one of the reasons I was wondering if an LLC would be a better fit.

As used herein, "permanent improvements" shall include, but not be limited to, all repairs, improvements, and equipment attached to the property as fixtures.

Based on my limited experience, it looks like a good deal that I should go after.

Thoughts on controlling the cost of the diligence vs the actual interest earned also appreciated.