Plumbing fixtures can be improved once money rolls in, but a building lacking exterior lighting and physical security will sit, or attract lower quality tenants.I can't tell you how many people I run into want to get property and plug it into a group home, Section 8, or some sort of Govt Alphabet Program.  

Since MF apartment values are based on income/expenses, financials are more important then physical upgrades (those are tied together though....usually physical upgrades lead to higher rents, which leads to higher value, but if you can't increase rent with the upgrades you do to a property, the value doesn't change a whole lot).

I've been running properties through my eval spreadsheets, and finally will be physically looking at my first round of properties this week.  

I would submit for your consideration that whatever the financial impact to you of ridding yourself of the property in any way possible is going to be far less than the emotional and physical toll of continuing to deal with it. 

Presumably the deposit amount and requirement for the tenant to pay it is spelled out in the lease agreement (it should be), so not doing so is a direct violation of the lease agreement terms.DO NOT go over there and physically kick them out. 

I can't do straight property management due to state licensure so that's why I was hoping I could bypass this by creating some form of partnership (50/50 or 60/40) where he retains the physical asset and I do the heavy lifting when needed. 

Have had success investing locally but have always been very hands on so the idea that I may not get to know every detail and physically be there has me in a bit of a state of paralysis.  

Also complicated by presence of outside investors, level at which I'm personally supervising the project, and a concern that more capital can be needed after project starts (but may not be available in the IRA).In my own situation, by "right tool" I was thinking about which of our past physical projects this would make sense for, or whether it'd make more sense to focus the SDIRA on lending money only.Regardless, thanks for educating us!  

I realize sales vary from one area to another but at a physical sale the trustee should tell you what lien they are acting on.

There is definitely something appealing about owning physical property instead of REITs.I'm married, in my early 30's, and have no plans to purchase any investment properties in the immediate future.