@Kermaury MusgroveTaking a a loan on your primary to invest in an and area and using a new strategy seems risky. 

He was able to buy two houses using a HELOC because his business has strong cash flow and he can repay the loan quickly.Anyway, after reading your post, I'm leaning towards refinancing my house.

With $100k in equity in your primary residence, consider using a HELOC to keep your bank account liquid and help mitigate financial risks.Discussing time management with your wife is essential.

I am looking to purchase land and potentially rental property using a self directed IRA.

The work around I generally recommend is using a hard money bridge loan. 

You can remotely monitor the property and address any potential issues quickly.Automated tasks: Smart lights can be programmed to turn on/off automatically, saving energy and adding a touch of security by creating the illusion of occupancy when the property is vacant.Consider using a smart home hub like Google Home or Amazon Echo.

Are you using a bank, credit union or mortgage broker?

I would recommend using a calculator to evaluate future rates and determine at what point in time/rate would you cash-flow at a comfortable level (after capex, repairs, vacancy, pm, etc). 

Using a seller financed strategy worked better for the seller's goals and ours as well!

I recommend using a boilerplate lease agreement, then adding attaching an addendum with a list of rules particular to your shared living space.