When building our payments system, we evaluated working with a 3rd party vendor, like eRentPayment did (with eCheckit).

There are then cascading impacts on other parties like suppliers and vendors who used to service these locations.

Doesn't matter what sector of RE one is in, everything is correlated.a friend and I have a saying, "trust the vendor, trust the numbers"we cannot decide on an individual basis whether or not an investment makes sense, but we can as much as possible vet the people behind the investment, and if they have a good track record and seem to be on the ball about their projections (conservative forecasting, and concentrating on return of capital first and foremost) , we can trust the numbers they present to a degree but syndication investing is still not truly passive, but it is the closest we come to it in REI

We are on 70/30 splits with ZERO fees, tiered splits for top performers, tons of software, digital phone system that rings all agent's cell phones at the same time giving everyone equal opportunity to capture leads, online "cookie jar" lead distribution systems, quarterly brokerage sponsored parties for clients and vendors, employee appreciation parties, 3 huge reflective yard signs, open house signs, and lockboxes paid by brokerage, opportunities to mold our systems to whatever we want as soon as we come up with a good idea, but the best part......the feeling of family and support we have for each other despite the competitive nature of the industry.

Things like the Sch E, T12, and bank statements showing proof of rent collections, and vendor payments...I've seen with larger properties, they do disclose those with an NDA.

{Not 2 as you indicated above}.There is a different CHMC insurance programme for multifamily buildings (note: *real* multifamily, not 1-4 unit residential) which allow for as little as 15% down payment (with potentially another 10% vendor carry).  

You'd have to hire outside contractors/vendors who would be willing to invoice your IRA for work done.  

This will back-up the spidy sense that something is not quite level in the numbers provided  to you.In the end, you can only make an offer based upon the current performance of the business and not any future potential (if you will be the one doing the work to realise future potential, you do not want to pay the Vendor for your efforts).  

When you make purchases, vendors get paid through your account not via ACH. 

We, like everywhere I suppose, have an outdoor art festival, vendors are allowed to bring in RVs and tents to stay in a park to oversee there items, no leasing possibilities, just saying cities make exceptions in certain areas and for special events.