So I'm getting my money out of the stock market and moving into a self directed IRA (using the LLC structure) so I can invest in real estate. I'm very new to real estate as in never done any investing, but I know that that's the route I want to go for my IRA. I've done a lot of research looking for the route I want to go. My unfortunate problem is I only have about 25K to start :(.

I first looked at buying mortgage notes or trust deeds as well as tax liens as they seemed like a good passive route to go to get started. As I researched that type of investing, it seemed pretty risky to me since I don't have any experience. Plus finding the right notes seemed like quite the challenge by itself. Then I moved onto maybe seeing if I can try to find a foreclosed or a cheap rental. I know a local property manager that I'd use for rentals (She does a great job and we had a good relationship back when I was in one of her rentals). She is also a real estate agent, so I definitely plan on getting in touch with her about real estate in general (I know the biggest advice for newbies is to get in touch with local real estate folks, so that's definitely on the agenda). I know I don't have enough to really get started in rentals. Although at some point my main goal is to have a good set of rentals under my IRA when I retire so I can have that cash flowing (Another thing I know they tell newbies is to have an end goal, so i've already got that). But I need to do small investments for the first few years to build capital to start getting into duplexes and such. So that's the track that I want to lay for myself.

That said, I just came upon investing in .... mobile homes. After looking into that a bit, now that seems more like something that I can do with what I have to get started (Or maybe not??). I'm in the Indianapolis area and after doing a quick search online there seems to be a fair amount of mobile homes that I could buy. I'd really like to keep it as passive as I can to start (Because of the experience factor), so I think the best route would be to buy mobile homes and turn them around and do the seller finance thing. That way I wouldn't have the rental issues to deal with for my first investment (I want to get into the rental business slowly). That seems like a good way to raise my IRA balance pretty fast I'd think.

Questions:

- Does it seem like I'm on the right track, or is there a better route for me to go with the available money in my IRA?

- When setting up the seller note, it would probably be best to hire a real estate attorney to write up the note, right? What can I expect to spend on an attorney to get me through this investment?

- I noticed that there is a lot fee in these mobile parks. When coming up with the amount to sell the MH and the monthly payment target (Obviously I should look at the average monthly rent in the particular park), does the buyer typically pay the monthly lot fee or is that something the seller pays (Deducting it from the monthly cash flow)?

Any other advice I can get would be greatly appreciated. I know real estate is the way I can have a decent retirement IRA setup if I can get it started right and get it going asap.

Thanks!