Using SDIRA for flipping, looking for mentor

[Ray Li]

Hi follow Dallas investors, my name is Ray, I'm an out-of-state investor from California, and I'm considering using my IRA funds to flip and sell houses in the Dallas area. I'm looking for an investor who has done the same thing (using SDIRA to flip) and has time in the next few months to help me through two or three flips, in exchange for half the profit on each flip.

I have around $130k in my IRA, so I'd like to target 3bd/2ba or 4bd/2ba SFH's with a purchase and rehab price of around $120k (leaving room for errors) with an estimated ARV of at least $150k. I've already started a direct mail campaign in the Garland area, which should be a decent area that fits my above requirements.

To be specific, I have a rental property already but I've never rehabbed a house before, so I will need help with everything including:

• How to set up an SDIRA and use it to fund a purchase
• How to set up a legal entity for a partnership to split profits.
• How to perform thorough due diligence on the house.
• How to select good general contractors and how to evaluate their bids for extensive rehabs.
• How to manage rehab progress as an out-of-state investor.

Let me know if anyone is interested in this, or whether or not I need to make any changes to attract experienced investors.

Thanks,

Ray