Have substantial IRA assets to work with, want to learn more about SDIRA RE investing and leverage.

It unlikely calls for a closing/sale without substantial completion, and the bank shouldn't have an issue with funding with a typical "punch list",  perhaps holding back a few grand.  

I am interested in taking a partner in on the deal, and I'm willing to take a smaller piece of the pie for birddogging, but I see this a major long term income with monthly profits exceeding $500 after NOE.  

A home is a lot of work to maintain and a huge responsibility that many simply are not interested in taking on.

That would be a substantial cash out if you sell.

When the HOA fees go up we'll use the opportunity to increase rents on units that are now substantially below market.

@Anna Watkins @Steven Hamilton IIThere is case law out there to support a long-term hold being classified as a flip if it is substantially improved prior to re-sale.I'd want to understand how much of your time will be dedicated to this reno, how much income it generate compared to all of your other sources of income, and how many other flips you have done or will do in the future.If it's a one off reno, then you'll most likely be fine.

I have often thought substantial price changes should be considered a new offer.

However, the benefit of markets like Oakland is that the financial barrier to entry is substantially lower. 

Obviously the initial investment to furnish is more costs however the return is substantially greater when running the analysis.