If it is a business model where the intent when purchasing the notes is to acquire and flip the property, then UBIT would need to be factored into your returns.Keep in mind, that exposure to UBIT just means there is a cost for your IRA to engage in a certain type of (hopefully more lucrative) activity.  

In my market, there is a 3rd party property management gap in the 10-75 unit space that the apartment specialists largely do not service...their model requires on-site management.  

Most I know doing this are doing it for local flips, which I think is likely the most appropriate business model for new acquisitions in SoCal today.

Like most businesses, there are many different property management business models.  

There are so many different smaller 'niche' Business models within the Real Estate Business industry itself, it seems most logical as the avenue to build wealth for anyone and create massive retirement cash flow, especially if you start young.As you are in college, a license could benefit you and you can build a Business that carries you for a long time if you do it right and start now.

A number of companies operate on an agent salary model.

You just need the model # and you can find the part and instructions to replace.

Of course that type of business model is unethical and (almost always) illegal.  

canine boarding kennel...different business model than residential rentalsno need to wait for the new year, people rent all the time (even in slow periods)

These skills include graphic visualization and rendering, energy modeling, sustainable site management and building design, to name a few.