Is there any rule or timeline in which this has to be done?  

Target neighborhoods near Bradley University, research rents, join real estate investment groups, connect with local agents, use the 1% rule, prepare for financing, and seek advice on cash flow and property analysis.Good luck!

Using a Self-Directed IRA (SDIRA) allows pre-tax dollars to grow tax-deferred in real estate, but limits flexibility due to IRS rules and potential UBIT on leveraged properties.Investing through a Roth IRA offers tax-free growth and no RMDs, but funding limits and restrictions apply.

Also, most deals tend to require a lot of capital ($50K+).Most states exempt business purpose loans from licensing requirements but there are still certain rules/regulations you have to be mindful of.

If they have no proof that they notified you of the problems, then how do they justify withholding rent? 

you're not missing anything; i have the same worry about gator lending. however, sometimes people are looking for way larger amounts of transactional lending, for bigger deals. in those cases, it's more justified for them to need the $ IMO. but also, more is on the line, so you still have to really do your due diligence. if you're really interested in being a gator, take pace's program. i haven't, but if i was going to seriously get into it, i would. 

This works well for me but one thing to note about this process is you absolutely need to know your local and state laws very well so that you don’t break any rules or run the risk of being accused of discrimination, because you will be turning people down and should have a legit, legal reason not just that you don’t like them.

As others have mentioned, there are a lot of rules you will need to follow so please make sure you’re educated. 

Check out  - https://www.ruidoso-nm.gov/short-term-rentalsThat is all the data to get started on the permit but still check if the neighborhood has an HOA and what the rules are.

I purchased rentals that are clean BRRRRs and hit the 1% rule and grew my portfolio.