Most custodians who accept Single Member LLCs as IRA investments will require that you appoint some kind of "special advisor" - a licensed CPA or attorney - who will provide the required oversight and review of all of the LLC's transactions to be sure no prohibited transactions are occurring.Another solution is to designate a property manager (should be a non-disqualified party to keep things at arm's length).

You need to build your team a good real estate CPA will advise you on the best legal entity and tax strategies.

Your CPA/Account can help you with that, not all that uncommon or big of a deal.

@Brenda Logan Best to meet with your real estate CPA to discuss tax and entity strategies.Paul

Nathaniel Busch, CPA 

I am currently a junior at Clemson University, studying to be a CPA.

I'm not a CPA, but based on my experience with some of the things we've depreciated I'd imagine you'd be able to get away with it. 

Hey BP,      I'm moving to Philadelphia in a month or so, looking to connect with a CPA ASAP in the area with knowledge in RE (NYS), Local tax implications (living in PA, Philly or NJ?)

@Melissa Chinn  from your posts on the other thread it sounds like your CPA was able to answer your questions.

Also, I would never get anything that rents for under $700 in Indy as well [again, I've been there].Of course a good property manager and CPA is a must too.