With you current structure you need to be sure to register your Wyoming LLC as a foreign entity in Indiana. 

They add the wording "unlicensed person, or unlicensed entity" in the context of investigations that "may commence, at any time within three years from the date on which an alleged violation of a provision of this or another chapter of the Revised Code occurred, any investigation..."

I wonder if there is a way to convert this money into a trust or some entity that is owned by them in the percentages of money that is in their individual accounts and then use this money to invest in real estate in their name where the proceeds go back to them?

Always use an entity for asset protection.

Corp entities or partnerships leasing to member/owners or to other entities they have ownership in?  

these things are ultra local and change with time. you have to be prepared to pay the $4K, but there is absolutely no reason not to seek to have the taxes reduced by whatever mechanisms and avenues the taxing entity allows.

You might be able to partner with your LLC to buy a house, but it may take the creation of a separate entity, like an LLC owned by your IRA.  

You will have to identify the following Attorney: to define and create initial business structure and entity for the company CPA: ·To help create methodologies for tracking revenue and expenses Real Estate Agent: provide access to list of properties that match your criteria Property Management: Initially, I would encourage you to manage your own property so that you know what it takes before you hire a property management company Appraiser:·To help define comps and reasonable market value when dealing with non-typical properties or non-typical investments Insurance Agent: to provide insurance on investments Mortgage broker or lender The following maintenance and repair companies/people should be identified prior to making a purchase: ·General Contractor, Landscaping, Handyman, Plumber, Electrician, Cleaning Service, Carpenter etc.

Once you become a majority owner, the entity is technically disqualified according to the code.

As I am a disregarded entity in PA, I understand to merge; I have to file form DSCB 15-8958.