I used a portion of my entitlements to buy a rental I still own at my first duty station. 

If you don’t have a certain amount of funds set aside for these situations as well as your portion of closing costs and some extra reserves for once you close then you’re likely not financially ready to be buying things.

Normally you are responsible for the portion of the year you own the house, and the previous owner is responsible for the time they owned it.

You’re likely to see someone want to control the rehab portion as a way to secure their investment.

You can also just do a self-directed IRA and start making your money work better for what you are doing. 

We don't directly manage properties.

It seems like there are so many limitations to buying real estate with self-directed IRAs. 

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.

When people can't cover their costs is when things spiral out of control.The rehab portion of this industry is not easy to navigate. 

It seems like there should be sellers that would be willing to take their equity or at least a portion of it in trade for bitcoin.