There are national vendors such as Clear Capital, LRES and Core Logic which all provide various physical property reports.

So far I haven't had any complaints from the tenants.Moral of the story...don't bother with physical traps or calling an exterminator; go with the poison pellets straight away.

You avoid ongoing custodial fees (and LLC fees if you want checkbook control, and believe me, YOU DO) with the SD401K, just run everything through an account at your local bank.

The mortgage is a liability; however, they are taking on more debt, so it may be a wash, unless one takes out more than they have physically put in.That is true some gifting at a discount can help.

CustodiansList of Large Self Directed IRA Custodians (Over $2 Billion under custody):Equity Trust Company (acquired Sterling Trust Company)First Trust Company of OnagaIRA Services Trust CompanyKingdom Trust CompanyMillennium Trust CompanyPensco Trust Company (acquired Lincoln Trust Company)Provident Trust GroupTrust Company of AmericaList of Mid-sized Self Directed IRA Custodians ($500 Million – $2 Billion)Advanta IRA (TPA)GoldStar Trust CompanyMidland IRA (TPA)New Direction IRA (TPA)Next Generation Trust Services (TPA)NuView IRA (TPA)Self Directed IRA Services, Inc.

I physically will run out of money if this property keeps going at this rate.

If You don't want to physically maintain your investments and fix them up then maybe turnkey is an option for you.

If they are charging a management fee and than hiring a property management fee on top of that that is a no no but otherwise those are out of pocket costs since very few good syndicators are physically on site every day dealing with toilets because they have grown beyond that. 

Physical inspections would have shown the leaks.  

I use the physical address of the property as the name of the trust - i.e. - 123 Main St.