This basically means be smart, think about your goals for the future, stay out of stupid debt, reference Robert Kiyosaki's book above.#6 Surround yourself with people doing what you want to be doing.

Existing units will theoretically suffer because the tenants may ask "why should I pay you $x when I can go live in that nicer place for basically the same amount of money?" 

Best of luck on the next project!

Do you want a few very quick small projects, or willing to go a bit bigger and out it all into 1 deal?

You're probably looking at a pretty major project. 

Great opportunity to have more cash in hand and invest in bigger projects but is there a formula to follow?

My areas of experience include: Historic tax creditsHistoric renovationPermitting, building code, etc.Finance, funding projects, bank loansFundraising, structuring projectsProperty management and maintenance (using technology)Urban developmentFeel free to connect with me directly if I can help you!

Let others run the risk of a PT by managing their IRA's properties, rehab projects, or "checkbook" LLC's until we get clear guidance.But as to providing your IRA a benefit.....if that were a PT, then there would be no excess-contribution statute (IRC 4973) and no excess-contribution case law (such as Summa Holdings).   

I would, however, say it's best to understand some of the basics before jumping into this.

Basically, if your credit is good, go Conventional.