I have done that and my agents represent me.. but this is folks who cancel like the day before closing.. and wanted the EM back..  

I think you will be good to go as an representative/agent of your LLC since you are not managing others' property..... but I could be wrong

I'm looking primarily at the non-gateway markets (Southeast, Midwest, Southwest).Below I've modeled a representative investment based on several rules of thumb, including:income 1% of purchase price3% vacancyexpenses 50% gross incomeincome, expenses and property value increase at 3%/yearEstimate:Purchase price: $150,000Income: $1500/moExpenses (including professional mgmt): $750/moCapex/reserves: $45/moDebt service: $644/mo (80% LTV, 5% interest rate, 30 yr)Cap rate: 5.6%Year 1, 5, 7 CoC return: 1.30%, 4.40%, 6.09%Year 1, 5, 7 IRR: -26%, 11%, 12%Year 1, 5, 7 Equity Multiple: 0.71, 1.39, 1.70Year 1, 5, 7 DSCR: 1.13, 1.27, 1.35I'm intentionally using an optimistic estimation to give this option the best chance at competing with option #3.2.

The Comps on 3 Family was lower than Comps for a 4 Family like my own building 2 doors down.The Seller didn't know it was a 4 Family because they also Bought it from a previous owner while it was in the 3 Family configuration because it was the previous owner than the current Seller that had already made the conversion.The Seller was represented by the biggest and most prestigious Brokerage Firm in the area and yet the Broker/Agent did not know.The Appraisal was conducted, but it appraised as a 3 Family as the Appraiser only saw 3 Kitchens.The appraiser gave the building the value of the asking price which was $1.2 Million.By the time I closed on the Contract, I immediately pulled out the circular staircase from the combined two floors and put in the kitchen that was missing since there were only 3 kitchens in the building prior to my purchase.

Consider the following example:$100,000 invested in a rental property via Roth IRA for a 5 year hold80% LTV means UBIT on 80% of gains$8,000 cash flow per year$133,000 sale price (33% appreciation over 5 years or 6%/yr)Years 1-4 UBIT tax on $6,400 (80% of $8,000) = $1,179/yrYear 5 UBIT tax on income plus gain from sale (80% of $41,000) = $10,522The investment represents a 13% IRR before factoring UBIT and an 11% IRR after factoring UBIT.

Definitely hire an attorney to represent you and hopefully your friend also has an attorney.   

@Daniel Brown you would pool your partners money into an LLC and the HML would lend to that- and your partners money would represent the skin.

The real estate agent is the "agent" (in the literal sense of the word when talking about agency relationships), or representative, of the broker, and is also the agent or representative of the buyer or seller they are working with. 

Your sending your letter to the PR (Personal Representative) who's representing the decedents estate.

I also see that the listing agent ended up representing the winning bidder.