For LLs, same rules apply as for the ESAs. 

Consider this example:$100k house rents for $1k/month; 2% appreciation/yearA: Buy the house outright: CF $500/month (50% to expenses).

@Pat LioneI'm not familiar with your situation or regulatory rules...

We've even attended over 50% of the closings of our loans to make sure our borrowers were comfortable with everything.

The bigger the discount the bigger the risk but I have performing assets in my portfolio with a unpaid balance of $20,000 and property is worth $60k, even if pricing fell 50% I still have my investment covered if the borrower were to default.

As a rule of thumb, if you're sitting at 70-75% cost  to value, you're in good shape.Buying properties like this should not be an emotional ride. 

I’m interested in companies that are reputable and have extensive experience with smaller to medium apartment complexes, say up to 50 units.

I had a great conversation with @Kay Kay Singh today about the depreciation of gas stations, and thought I would share some relevant information regarding the tax laws for the general benefit of the BP community.Gas Stations (or 'retail motor fuels outlets' as they're called by the IRS) are depreciated over 15 years, and not 39 years like almost all other commercial properties.If any one of the following three criteria are met: It is not larger than 1,400 square feet. 50% or more of the gross revenues generated from the property are derived from petroleum sales. 50% or more of the floor space in the property is devoted to petroleum marketing sales.Here is the link to the IRS publication on this subject where the above words were take from.

You want to set the rules and ensure you have a strong, legal lease. 

Search for self-directed IRA.There are several plan formats and some rules you need to understand.