Another factor to consider is the value of paper losses outside of the retirement account, which depends on your personal tax profile. 

I am in the process of getting my loan for the second place, and waiting to sign some papers with the first deal.

An MLS deal will never be a good dealCash flow on paper doesn't equal cash flow in real lifeI'm too busy to think about direct mail, etc, etc The kernel of truth in all of these excuses helped me to convince myself I was being prudent and being smart by waiting until I had more money or more relationships or more of this or more of that. 

I know it sounds great on paper.. and it may work and if this is only 5% of your available cash you can take the risk.. but if this is the majority of your investing cash I say risk is simply too great ... .listen to @Curt Davis sage advice he has been around the block for many years and is not trying to sell U something like all the rest of the folks posting on this thread.

Make sure you keep COPIOUS notes, and paper the file with stuff from Key West to Pensacola, anything you even remotely think will be of use in a court.  

A paper borrowers.

Besides, I am never a big fan of the stock market, blue chip stocks aren't necessarily low risk, when they tank, all that I have left is a piece of paper.  

Looking to covert some of my paper assets into real estate holdings.

You want it so that if anyone looked at your forms for an audit they would make the same choice you did with just the paper in front of you.just my thoughts and Good Luck!

I've had a former owner who claimed to have lost these papers.