At that point, we might be able to get financed with a regular mortgage, though.I'm kind of just thinking out loud here, but that is the thought I'm currently entertaining and researching.

I haven't been to one yet (I live 80 miles out), but soon we will be attending regularly.  

From there I would get a CPA who performs these on a regular, who can guide you through the nuances. 

@Lynette Croschere from what you said this is not a regular tenant, they have an ownership interest in the property?

Regular families typically are not moving into these areas, and no investor is going to pay full price for a house they can only get half rent from. 

I usually park a fair amount of cash in a regular savings account, then the rest I keep in stocks.  

I am regularly shocked at the poor quality work that goes into flips.

I regularly hear NYC and the surrounding areas are tough.  

If the transaction is to be a flip, and you do that type of transaction with any regularity, the gains are subject to unrelated business income tax (UBIT)Reference IRS publication 598 for the above topics, and be sure to consult with your tax advisor before proceeding.Even with such tax exposure, you may be able to garner better net return on investment for your IRA with this type of transaction, but you want to understand that going in.

I've been listening to the podcasts regularly and checking out the forums from time to time.