SDIRA strategy

[Chris Haas]

Bare with me, I'm about 1 week into reading about SDIRA.
Seems to me it's not a great way to buy real estate for buy/hold, however it does appear to be a nice way to be a private money lender.

I can see a mutually benefit scenario where two friends / investors allocate say 100K each in a self directed IRA and lend to one another to purchase REI property. I realize this can't be family, but a close friend / investment partner. I can see doing up to 100% financing for someone knowing that if they don't pay me, I simply won't pay them. Also assuming they have some equity in the ARV value of the deal itself.

Am I missing something? Is this a decent strategy?