Do It Yourself (DIY) and syndication can co-exist and provide a platform for you to grow, learn and make money...I think its ideal as you spend the next year learning from books, BP, syndicator deals you are intentional in, etc.... 

Best of luck to you in your venture and if you want to discuss more specifics of what I would do I'd be happy to (not sure how much it's worth, I haven't done it yet!).

I would not recommend the DIY cleaning you spoke of.

You would therefore need to look at private sources of lending or joint-venturing with other investors.The administrative overhead that would come with managing two IRA accounts using leverage and therefore having exposure to UDFI taxation would be significant relative to the amount of capital you have to work with.As noted above, a self-directed IRA is not a tool YOU can use to invest in real estate.  

I would like to venture into shortsales and distressed homes within Rochester.

If they're not, SOMETHING is wrong that really should be corrected before you venture into real estate.  

Renting the homes is generally a break even venture for community owners. 

If you don't intend to live there for at least a year, I'd venture to say you may be committing mortgage fraud.

My main decision there is whether I will start debt financing my acquisitions and/or venture into multi family. 

When you decide to venture into North Carolina, feel free to reach out!