It will be lender and servicer specific.

If they will just be investing passively one time and they don't need checkbook control they can get by with very low fees with IRA Services.

Also, capital expenditures made after the property is put into service increase your basis.

You haven't factored in future vacancy, rent loss, capital expenses, etc. into your equation, which would likely take your expense ratio to somewhere closer to 45-55%, or earning about $1000-1200/month before debt service.Speaking of debt service, you mentioned a $75K loan, but nowhere in your post have you mentioned your debt service payments -- they will detract from your cash flow and cash-on-cash return.Not saying this is a bad deal -- I just don't think you've analyzed it correctly to determine how good (or bad) of a deal it is).

I dont think they improve neighborhoods as much as they provide a service for families.

This implied the buyer was getting an additional service.

And do I record as placed in service again 7/11?

You'll have to be very dependent on the "turn-key" company to handle the day to day operations, so you want to make sure they have truly built a full-service company and that they are planning on sticking around.

Assuming 50% for expenses you'd have about $5,000 for debt servicing and cash flow.

What services do you offer?