Having said that, this doesn't happen all as often as someone has lead you to believe.If you move it into a LLC, you have to be sure that you are truly treating it seperate and not using your personal funds.

2- For the downpayment (40,000)- I have 15,000 cash and for the rest a) I can get a HELOC on our existing home, b) cash out mutual funds or c) take an early withdraw from retirement  savings and payback up to 30,000 with out penalty. 

I've got some funds secured for buying my first rental property! 

Zelle .com has partnered with over 30 banks in the U.S. to send money to individuals regardless of who they bank with and the funds goes right into your account.Just make sure you have a unique email or phone number so your tenant can add you as an contact to pay you.After the setup of your chase account and the activation of quick pay, test it yourself to ensure it works correctly (which it would) try having someone you know send like a $1.00Hope that helps...sorry for the long memo...

You want to keep at least 6 months reserve funds in your saving account.

Make sure they are licensed and bonded.

What Dave Ramsey calls a "baby emergency fund" of $1000 goes a long way toward making a sudden breakdown from an emergency into a minor annoyance.I would expect a professionally managed apartment complex to be sticklers for getting the rent. 

Anything that belongs to the IRA should go back to the IRA.If the IRA account-holder takes those funds personally, there is a possibility of adverse tax consequences.   

I've got the funding lined up and a prioritized list of properties that I am going after.

Specifically, since the mortgage is a self- liquidating liability, funded by tenants’ rental payments (assuming, of course, at least “break-even” cash flow), this new equity never came from the owner’s pocket.