You could transfer 5% of the title ownership to him as a Tenant in Common with you and then consider an agreement limiting his right to force the sale / waiving the right to partition / his agreement to sell it to you at a set/fixed price.Don't know how your HOA would respond to this and there may be Washington case law that does or does not support it.Good luck.

If you are interested lending out of a self-directed IRA or SoloK, then definitely talk to Brian Meidam who I consider an expert on this topic.

I thought perfect, my business will still be considered almost 5 years old, until I saw that some banks consider an entity name change as basically "starting over", which means I might as well keep it simple and do a new LLC if this is the case. 

If the landlord is changing for your rental (it's no longer the LLC, it's you personally), then you might consider an amendment or update to the lease reflecting that.Jenna ZebrowskiThe Law Office of Jenna Zebrowski, PLLC"Investor-Focused, Series LLC Friendly, Commercial Real Estate Savvy"

Perhaps you are considering immediate cash flow as your key indicator, but the real analysis should consider an overall calculation leading to wealth.

I convinced him to consider an owner finance deal and he agreed.

Perhaps also consider an earlier sale scenario and see how that impacts your investor returns.

It is a good idea to consider an option which allows you to collect rent much quicker than those others but still provides other rental management tools you might find valuable (again, not to knock Cozy or these other tools like Stessa because I know a lot of people love them), but since you have 24 units it may come down to the pricing (all depends upon what you want to accomplish).

A sort of related note too, you should consider an estate plan if you do not have one yet and you are a CA resident and own real property.

A lot of my clients get a HELOC after so they can keep mortgage low and temporarily pull cash out for various projects which they pay back after.I didn't even consider an owner-occ loan on a property a bank will lend on.