A rental in an S corp changes the nature of lots of normal transactions.

First, government policy, loose money, and human psychology combined to push the home ownership rate to nearly 70% - nearly 5% higher than the "natural" rate of home ownership in the US - about 65% over the long term.Second, there was a related spike in vacancy at apartments.  

I would not rush into a transaction of that nature without speaking with a tax attorney who specializes in this area, and by that, I do not mean the sales consultant of an IRA LLC providing firm.To your specific question, yes it is possible to acquire a property jointly as tenants in common with the two IRA's and then move that property into a LLC.   

The property manager would naturally contact you on the next business day, which was Monday, March 4 to ask for your keys since you had not returned them to the office nor left them in the unit.Did the property manager actually tell you they would charge you for 6 more days?

@Chris Butler your turnover will naturally be higher in 1/1s because tenants can grow out of the units and are generally less settled down.

Note that self-direct IRA custodians, don't provide a whole lot of hand-holding after the setup (by nature), so make sure you feel good with the customer service for setup and understand the fee structure. 

Tenant turn over naturally occurs every 2-3 years.

Use MLS to just run numbers on random props - not looking for a deal just getting to a point where the math is second nature. 

You can mitigate it with research and due diligence etc, but there will always be risk - your property may not rent right away, there could be a natural disaster, you may get unlucky with timing or tenants.

@Evan EldridgeIt is natural sometimes to go through deeper analysis; as we are afraid to take the first step; for fear of losing money.Welcome to real estate world of investing.There are many strategies in real estate and you can explore what works based for your needs (wholesalign, rental or flips) and time and effort availability.There could be hard money or private lenders who can help you fund; say 80% of the project and you cover the 20%.