House gets foreclosed on when a borrower is not paying its debt obligations - typically its mortgage.buying foreclosures is not for the faint of heart as you have no idea of the interior of these properties lastly while it can be beneficial also realize if there are a lot in an area those homes are the new comps when trying to sell so it lowers home values in an area 

If they don't pay rent in full, evict them.

Based on your current assumptions, you would be paying $1,229 per month out of pocket, leading to negative cash flow.If you’re house hacking and living in the property, it might still make sense because you're paying for housing anyway.

Quote from @Roxanne Whitaker: Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement. 

Pay for your own painting and make them pay normal rent.

You pay for what you get remember LOCATION , LOCATION! 

When the IRA invests in real estate using debt not only does it have to be non-recourse but the IRS says, you can use leverage but since you aren't only using IRA money for this investment the retirement account is going to pay UBIT on the income generated because of the debt. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $58,500

Cash invested: $55,000

Sale price: $155,000

Contributors:
Peter Vekselman

Partner Drive...

I assume you would have to pay cash, because you have to spend all cash received to avoid taxes.

because I was paying my bird-dogs vs having them pay me and just promise how someday, maybe just maybe they will bring the grand-slam of a deal and then I will be paying them oh-so much $$$$$ Seriously, from those buying into this I gotta understand how your mind works, no insult meant, I am genuinely intrigued and baffled because if it's a good deal you can go to any number of investors and get $, not a one will charge you for the opportunity to present them deal.