Looking for legal advice RE SDIRA funds lost in failed house flip

[Mario Rosales]

Hello BP community, I invested SDIRA funds as an equity partner to fund a high value house flip in the LA area.  The contract was done via an Op Agreement / Promissory Note.  However, the flipper miscalculated rehab costs, and they claimed that things got complicated due to Covid-19 as they couldn't close buyers' escrows for a while.  After the property was finally sold this month, debt partners (hard money lender, liens) got paid back their money. We, equity partners, only got paid approx 20% of initial contribution.  My question is whether I have any legal recourse to go after this company, or do I just suck it up and take it as a hard earned lesson?  

[Jerry W.]

@Mario Rosales, you have a lot going on in your brief message.  First the terms of your agreement are the first thing you look at.  You need to take those documents to an attorney licensed where the deal took place or where you entered into the deal.  State law can vary a lot.  You need someone licensed there.  The attorney can tell you if your documents help your case or hurt it.  He will also know any state laws that may impact your deal.  Finally there are tax issues with  retirement accounts you need to explore.  Probably a CPA could help.  Good luck bud