@Mike Loy, As a realtor you qualify for a Solo 401k, which has many advantages over self-directed IRA, here are few:Contribute 10X more than into an IRA (up to $61,000 per year per participant)Access up to $50,000 from your retirement account tax-free and penalties-free at any time prior to retirement via participant loan featureExempt from UDFI tax on leveraged real estateInvest tax-free using Roth 401k sub-accountCheckbook control without use of an LLC Custodian is not required = no custodian, transaction or asset based feesYou can read it in more details here:https://www.biggerpockets.com/blogs/2810/21298-sol...The bottom line is that if you qualify for Solo 401k - it would be way better than an IRA.

My idea so far is something along the lines ofReceive list of non-performing loans offered by a bank, Freddie Mac/Fannie Mae, some other source.Underwrite each loan to determine the price we are willing to pay, given the info providedSubmit bids on each loanPurchase the pool of loansReach out to each homeowner, determine whether new terms, deed in lieu, or foreclosure is best optionSell newly performing loans or foreclosed propertyDo I have it mostly right?

I had an amazing deal lined up on a four unit that fell through two days before closing when the seller backed out.

Example of a good answer: I can show you how project management can decrease your costs in the long run by budgeting specific resources at the right time, and how long term planning can increase your productivity over the course of the long and short run. 

Bottom line is I don't often get excited about things but when it came to RE, I feel like it’s my 21st birthday and I'm back in Vegas.

Also it’s all very different product (condo, tear downs, new and existing all have a different target markets)Atlantic county has not recovered to 2008 prices.

So it's important when you do these deals to ensure your HUD and ARV are lined up TIGHT.

The S&L said no more I took my list of houses to a local bank and they gave me a line of credit.

You have to weigh those factors against all the good advice you've gotten here, and make your decision based on bottom line, not emotions. 

If your intent was to hold the property for productive use and you can demonstrate that wit past practice, documentation of conversations with your professionals, rental agreements, actual rent, etc then you could indeed do a 1031 because your intent was to hold and something external changed that intent.And the unsolicited offer is the gold standard of something that can change your intent.