These IRAs, of course, must be held by an IRS-approved third-party administrator. 

@Bellman Tumasang who is the party that is licensed, insured and easier to find?

Colorado has some good ones:1. 100 Year Party Ct., Longmont, CO2. 

There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources.

I've been to them and have bid on them for other parties. 

The hardest part is getting started!

The part I don't fully understand is this...

I like having more control over my deals, not having to rely on a relator to show me the homes I want to see, and getting to deal directly with all parties involved.

I would counsel them to do a 5 or 7 year with a balloon at the end (which could be negotiated if both parties agree again into another 5 years of installments), but, anyways.In your shoes, I'd try to negotiate it so you get help and advice and the partner is along for the ride, but give up as little long term free cash flow and - more importantly - equity in the property as possible.

However, I was speaking with my real estate agent today and they mentioned that I could not offer a "cash" offer if the cash is: 1) Coming from a third party and 2) The cash offer has to come from my approved bank account.