Then the property title would be transferred into the LLC, thus giving you checkbook control over this and any other assets you will purchase in it.Here are some of the Checkbook IRA benefits:Ability to execute transaction directly without going through custodian or IRA Administrator, simply by writing a checkEliminate transaction fees and asset based fees (you will need to pick the right custodian with proper fee structure, the company you will chose to do this for you will help you make that selection)Eliminate delays and 'red tape' that often comes with having a custodian handle every single transaction, you can act on best investment opportunities immediatelyHope this helps. 

But if you're thinking residential rental, speak with the town of Storrs first.

We found an outdated house one of the best neighborhoods in town.

If you set it up with one person as the GP, this solves the control issues while maintaining a 50/50 split of costs/profits. 

So this is what I have... a 3 bedroom 1 bathroom home with a 2 car garage, fenced in yard, less than a block from the grade school (great neighborhood, small town).

They are town house style apartments with 2bdrooms and 1.5 bath. 

We have 2 properties nearby that are in a working class neighborhood, safe, and in a growing part of town.

I lIve In a small town and my optIons are very limIted.

This would allow you to gain control of the property and use the existing equity to cash her out. 

They are all over the place in the smaller towns here in SC.