Don't make an emotional decision and don't be bullied into commitments that you do not want to make.

A checkbook LLC IRA the owner ultimately is responsible for making sure prohibitive transactions are not committed because they are the ones that pay the penalty and taxes.

The reason a lender should never do a title search is because if they make a mistake in doing something they really aren't trained in (like an attorney or title clerk in a title plant that has more access to title matters than you do) the error is on you making any commitment or funding, if a title plant does it, it's insured and on them.

You can bet your britches that I am still worried one of his kids will find out how little he sold it for and sue me, claiming I lied, cheated, and committed elder abuse.

I appreciate the advice and will do my due diligence before committing.

Go and talk to an asset protection attorney and CPA to properly structure your goals, needs and protections. the corporate veil will be pierced if you commit fraud, undercapitalized you business, or don't follow corporate formalities.

The custodian also ask for a Mortgage, HUD/Settlement Statement, Proof of Hazard Insurance and Title commitment.

.§7-2 The Property Manager shall not perform and shall not represent that he or she can or will perform services outside of his or her area of expertise, particularly services that require a separate license or qualification – such as law, accounting, financial planning, construction, and/or contracting – unless the Property Manager independently possesses such license or qualification.Article 8: COMMITMENT TO FIRMThe Property Manager shall act in the best interests of his or her property management Firm.STANDARDS OF PROFESSIONALISM§8-1 The Property Manager shall not have any undisclosed conflict of interest with his or her Firm.

Jim T. 

Going to this thing got me out of my comfort zone and inspired me to take a closer look at this space and reaffirm my commitment to my education as an investor.