If you don't have a property manager collecting the rent, your tenants will have to write out TWO rent checks each month - one to you and the other to your IRA.You and any disqualified parties are prohibited from using the property, living in the property, or making any repairs or doing maintenance or upkeep on the property.  

But this has nothing to do with you, even if a 3rd party inspector pre-inspected, I'd still hire my own.

When I advertise I play it up like a big benefit, but for the most part I find that the properties on the other side of my street that only have street parking do just fine.

You may use one between partners in an LLC in some situations where the LLC is in title.Any conveyance to a third party, an individual or any entity should use a warranty deed or a special warranty deed if there are reasons to except out some aspect as to any warranty in title, such as an underlying mortgage.

The HUD-1 must show no evidence of a lien, and it must be signed by all parties.

A sale contract sets obligations on both parties to perform, if a seller sold while under contract they could have legal consequences as the sale is between those two parties.If you do a sub-to, title passes so the owner can't sell again.A first right of refusal can be used as well and actually tie up a property better than an option contract.Need to study the types of interests held by owners and tenants and conveyances of those rights and these matters will become more clear.

I'm most concerned about uexpected scenarios where costs or value of invidual party ownership can become unclear.

But the lender does not own it until the sheriff sale is completed with no third party bidders.

Portfolio would be nice but the long-term plan would simply to create a solid relationship that can flourish for both parties.

They have no issue with keeping things confidential from either party so long as the issue doesn't effect the other side.