I have not reviewed BAM's fees but it's likely based on their representation of UNDER 10% "skin in the game" that most of their "investment" is taken from fees deducted from the money gamblers place with them and counted as equity in the deal; this is a common practice in the syndication industry. 

Before retiring from work as an attorney, I lived and practiced law in the West Texas area for over 40 years.

Practical path: confirm rules with the custodian, price the deal with conservative leverage, get term sheets from lenders who specialize in nonrecourse to retirement accounts, and decide if lending your SD funds to an unrelated investor is cleaner for your first move.

Before retiring from work as an attorney, I lived and practiced law in the West Texas area for over 40 years.

@Pete CorderoPete, I’ve seen a lot of investors weigh “Build to Rent” communities versus traditional mixed neighborhoods, and here’s the practical take: these new developments give you modern, turnkey-ready homes that need minimal rehab, which is perfect if you want consistent cash flow without the headache of repairs.

In the meantime, start practicing by looking at properties, analyzing ARVs, rents, and market trends, and getting familiar with the neighborhoods and overall layout of Memphis so you truly understand what you’re getting into.

In the meantime, practice underwriting deals daily — know your rents, taxes, and real expenses so you can spot true cash flow.Network with local banks, agents, and investors; a lot of deals here trade off-market once people trust you’re serious.

Before retiring from work as an attorney, I lived and practiced law in the West Texas area for over 40 years.

Kowal is a Certified Public Accountant with an MS in Taxation, maintaining a nationwide practice focused on IRS Practice and Procedure and federal taxation of real estate.

In the meantime, start practicing by looking at properties, analyzing ARVs, rents, and market trends, and getting familiar with the neighborhoods and overall layout of Memphis so you understand what you’re buying.