I believe he shouldn't have let you buy this building unless you fully knw what you are getting yourself into.

Investment Info:Single-family residence buy & hold investment.

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

You're better off focusing on specific markets, specific neighborhoods, analyzing numbers, and building an ideal buy [box].

Simply gifting him half the property now wouldn’t immediately allow him to claim the exclusion without fulfilling this residency requirement, I don't believe.One thought would be to use a HELOC to pull just enough equity out of the current home and use it to buy a smaller home, or at least the down payment.

You can make more through co-living in most markets, but still likely to be better off house hacking 1 / year and then buy out of state with your extra cash.If you want to chat strategy with someone - feel free to PM me or reach out to contact info in my bio!

Buy an opportunity - NOT a property. 

i have people in my network who find deals; they get paid if I buy them; i diligence them; and then my PMs manage them.i didn't look at your profile, but do you already own rentals? 

.: I’m looking at a property that checks all the boxes—good numbers and fits my buy box—but I haven’t seen it in person.

I've helped people with SBA loans to purchase real estate for a business, but for buying rental real estate, the DSCR loan is a much better option.