Since the school is trying to expand, I wonder how the city is going to change regulations to accommodate the additional students. 

If a property is owned by your IRA you cannot personally benefit in any way or you have created a prohibited transaction by IRS regulations.

There are many ways that a lender can discover that a property isn't owner occupied or that some beneficial interest has been transferred.Frankly, they think they are out smarting the system or the intent of rules, regulations and laws. 

Pre-foreclosures are an area that is highly regulated by federal law with serious teeth, you may not advise or assist in this area unless you are a certified credit counselor by HUD or an attorney, this is not an areas for new investors without having professional assistance.

Don't think that regulators are so dumb as to see an LLC buyer and not look to the Sec. of State filings, so you can get caught.And, while the risk is rather low for 90 days, folks do die, can have various issues, like insured losses where your convoluted tactics are exposed.Have no idea why people first try to circumvent things with sneaky schemes rather than just take the high road and do things correctly, in this case, just wait, doesn't really cost either party more, it's just delayed closing, possession prior and a lease arrangement, commonly done for other transactions.And no, I wouldn't buy an LLC just to try to avoid a deed restriction.

@Raj Gandhi I'm not sure about the regulations here, or what pricing is to get a roof redone.  

I hated tax work and liked the industry and business environment.

Diversifying across multiple states helps spread your "risk" around should one market decline for any reason (increased unemployment, increased taxes, new regulations affecting your investments, loss of major employers, etc.)I believe it's prudent and wise to manage your portfolio this way.

Are these reasonable terms from your experience in today's environment?

And of course in some states this activity is regulated so you have the state's attorney general potentially as your partner....