You're basically buy a property with a low income tenant base and quite a few property restrictions...We do LIHTC rehabs, construction, and refis frequently - I would highly recommend having a dialog with Novogradac.

I had no issues with deposits because it looked uniform.I would strongly recommend making your deposits less frequent and make them the same all the time.  

Do you have any ideas off the top of your head about how I could market to that audience/break into that market?

This is a topic of frequent discussions here on BiggerPockets, there is actually specific forum category dedicated for this called "Tax, Legal Issues, Contracts, Self-Directed IRA" you can access it here:https://www.biggerpockets.com/blogs/2810/51528-how...If you do a simple search with this keyword you will find many discussions as well as blog articles related to this, some of them are very educational, results will keep you busy reading for hours but you will learn a lot. 

We are targeting somewhat affluent (but by no means the wealthiest parts of town), older neighborhoods, so I want to appeal to that audience.

We decided on 8 per year with the first four going out once a month and then less frequently after that.

I know you're in St Louis but here in the Cleveland market (as mentioned) people run into this issue frequently.

I have a suspicion most folks who own rentals in this area do it as a way to 'stay free' on their frequent trips to Disney, and that the numbers just aren't that great, but I'd like to hear from anyone who has experience.

@Kyle PareYou may want to reach out to @Linda Weygant as she is located in Colorado.She is a frequent contributor on Biggerpockets.She was also featured as a guest on the Biggerpockets Podcast.

Create a detailed operating agreement that includes how you will go about handling as many different scenarios as humanly possible (like how to address if one partner is not fulfilling their responsibilities, what happens if one person wants to sell and the other wants to hold, how frequently you will review the finances of the operations, among many other things I would recommend chatting through.Hope this helps, and I'd be happy to connect to chat a bit more specifically through your situation.