In my case, it will cost me about $400 personal time without any lawyers involve just in one day.  

The fees and involvement of the Self-Directed IRA custodian can be significantly minimized by investing your IRA funds via an LLC as you will have checkbook control over the funds. 

If I was going to only be able to wholesale this property, I would not have gotten this deal.I still love wholesaling and I do it all the time but these are three lessons that I definitely have learned that have added some water tools to my tool belt in order to be more effective in my business.We are looking for some passive partners who would be interested in getting involved in some of our rental and flip deals in New York from a passive perspective.

The deal is a COD with mutually beneficial T's and C's but this only holds if the commissions are not involved.

Have you considered how many parking spots you get per a square foot?

The management fees for short term rentals are typically significantly higher because of the amount of work involved. 

You are correct, if this situation becomes more of a discussion we will have our lawyer involved more formally; laws are always changing and from all the articles we've read, this particular subject can be grey.  

The tenant would not be involved so-to-speak.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

In my mind, risk involves possible loss of principal, down-side involves the hassle of work that I will need to do to to protect investment.