Some of his comments did leave us with questions that conflicted our research:He said that the operating agreement didn't' matter since it was going to be just my wife and I in the LLC and that we could use any ole "boiler plate" operating agreement template we found on the internet.

One of the many positives is that the lot was previously developed and still maintains municipal city service connections. 

@Wes Blackwell is VERY involved in the Sacramento market and can provide you with more insight than I on specifics but if you have any questions about specific neighborhoods feel free to reach out, or if you are looking for a partner who can property manage as well as you are in the bay area I am at your service =)

You are considered to be "Disqualified Person" to your IRA, and as such, you are not allowed to provide any services, goods or facilities to your IRA or benefit from your IRA directly or indirectly.

The business must be an active enterprise performing a service or selling a product. 

They provide broker services and property management. 

When someone approaches you and says they are a "Turn Key" company you NEED to know exactly what their services are. 

Though I am sure there are many caveats and details that make it much more challenging than what people on the internet make it out to be.. sounds like you would agree with that.

A "warranty" is only good if the business is still operating, and how well their follow up services are. 

Look for services like Roddy Report (FLSonline.com).