We would be the person buying and doing the contract for deed and giving him some wholesale cash etc.He mainly wholesales now but does it all.Here is the deal right as of now:Price: Hoping to get it for 100k but could be higher depending on negotiationCurrent Tax Value: 125kRent/payment: We are trying to get him to pay 1200 a monthProperty needs about 30-50k of work on the inside.Comes with about 4 acres and a shed.Down Payment: We would like to get 20k down (still in negotiation)Strategy: We would use our cash to buy with a balloon in 5-7 years        Our money will have about a 4.25% cost to using most of it unless we use 50k from our IRA.  

Is a regular IRA enough?

I'm also looking into self-directed IRA for flips, but I don't think I'm ready to jump into that on this one.

They will let you know if the area you are considering is under any regulatory restriction.If you are in an area with an HOA(I'd forget it) they usually have set standardsand a mud hut ir a "tire" house will not pass muster I'm sure.Build Regs folks can point you in the right direction and let you know what will be required for the area.

Try to find someone who's not getting a good return on their IRA and convince them to convert it to a self-directed IRA.

IRA money can be used by moving it into a self directed IRA (though not with the big brokerages.)

I have a bid in with BOA on a SS and they are asking ir a pre qual letter from BOA.

This was a mortgage broker, not a banker/credit union.It appears to depend on how hungry the particular lender is to loan money, and if you have 700/720 credit and six months' of reserve payments on all loans (but you can use IRA money to show that).I've been told that the LLC entity can borrow money on properties, but that all members of the corp must qualify, meaning each member must have DTI under 45%.

If you have a 401k from a previous employer then you can roll it in a self directed 401k or into a self directed IRA.

Similar to lending from your Self Directed IRA, so it's tax deferred or tax free if it's a Roth.