They lend you the money you need to buy their house.Subject to - you buy the house subject to the existing mortgage.

Find out which neighborhoods are hot and what property types yield the best returns.

They are also coming in on work contracts that are subject to change. 

Open-end Funds are generally defined as infinite-life vehicles consisting of multiple investorswho have the ability to enter or exit the fund on a periodic basis, subject to contribution and/or redemption requests, therebyproviding a degree of potential investment liquidity.

@Brad Herb Investing in a syndication via a Self-Directed IRA (SDIRA) offers tax advantages but comes with fees and limitations:Advantages:Tax Benefits: Gains grow tax-deferred (Traditional SDIRA) or tax-free (Roth SDIRA).Avoid Penalties: Keeps funds in the IRA, avoiding early withdrawal penalties.Diversification: Adds real estate syndications to your retirement portfolio.Disadvantages:Fees: Setup, custodian, and administrative fees can reduce returns.UBIT: If the syndication uses debt, income may be subject to Unrelated Business Income Tax (UBIT).Complexity: Strict rules; all income/expenses must flow through the SDIRA.Illiquidity: Syndications are long-term, locking up funds.Use an SDIRA if the investment is significant and the UBIT impact is minimal, especially with a Roth SDIRA for tax-free growth.Remember that RE, outside of retirement accounts, provides the biggest tax benefits.This post does not create a CPA-Client relationship.

for example when changing cabinets, addressing trim, door pulls. hot water tank replacement: place a pan under it.  

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

If we find Lithium somewhere, that may also be a hot topic like it is in SW Arkansas right now.   

I appreciate your thoughtsSorry for another question, I still beginning my searches about this subject, in this case do you have a LLC holding managing all other companies or all of your companies are totally independent?

I'm curious what he ended up doing, but I would definitely suggest checking out this episode of BiggerPockets Money that talked about this exact subject!