First Circle Private Money

[James Letchford]

BP Community: I closed on my first deal about a month ago and it feels GOOD. I have the real estate bug bad now. I acquired my first property via online auction for 45% of ARV using a HomeStyle Loan. I'm in the middle of the rehab and everything is going smoothly. Because of HomeStyle requirements, I had to get a 'pre-rehab appraisal' based on the proposed upgrades I'm putting into the home. That appraisal came back pretty.

I'm fresh off getting the HomeStyle Loan, so if anyone has any questions about my experience, please hit me up.

I'm looking at keeping my momentum and developing some economies of scale where I purchased my first property. I have some a decent amount of cash to contribute to the next deal, but will need some private money to get me into the end zone. I'm going to approach my 'First Circle' (family and friends) with the opportunity, but before I do so, I have a few questions for those more seasoned the me:

1. I'd like make everyone aware (those eligible, of course) of their ability to use Self-Directed IRA funds as their investment capital. Does anyone have any recommendations on how to go about doing this? Are their any elementary resources that I can direct them to for overview?
2. If I do have takers using their Self-Directed IRA funds, am I able to co-mingle those funds with non-IRA funds?
3. Are there any recommendations on how to handle monies when they come-in? Should I open a specific bank account for each transaction? Should I have a general 'investment' fund that I funnel money out of as needed?

I'm sure I'm missed a whole bunch of other things. Any help would be greatly appreciated.

Thanks in advance.