Armed with your knowledge, take it to GE and you just need to pick out your slabs.

Armed with the Proof of Funds and Letter of Intent, I called the seller directly (this part is the hardest.  

Typical commercial lending is LTV 70-75%always an ARM, like 20 due in 10 (or even 5)property self-sufficient (aka DSCR 1.1 - 1.3 depending upon the lender)with an NOI that supports reserves 10%, vacancies of 12%1/2 year prepaid taxes AND insurance (last parts of PITI)Your personal credit should not be part of the qualification process.

I looked online for classes but all of the places I can find that aren't associated with brokerages cost an arm and a leg and don't have any openings within the next few months.

It would simplify my life if that were different =)You are correct William, all of the transactions of a self-directed IRA must be arms-length, in other words the IRA can not have any dealings with a "disqualified person" or entity, but it can certainly invest on its own.

@Fred Dray My Current situation is we are a property investment company managing it's own portfolio.We outsource most maintenance jobs to individuals.The management arm has been overlooked by me and the Managing Director when he is available.However my big weakness is that as the company is growing bigger I need to build a strong team and I would like to digitize my management(been mostly old school) so as to provide concise reports for company management.Therefore, I have no idea how to go about it as I've been mostly conducting things myself over the years.Please assist on how to go about this...

If you purchased it in an arms length transaction for substantially less than $120k, you likely have grounds to challenge that valuation and have it reduced.Anecdotally, I've had some RE attorneys and investors tells me they have properties that they'd consider selling, were it not for their very low property tax valuation. 

As for the other questions, I'd consult a CPA....when doing less than arm's length transactions, the IRS may disallow deductions.

I live in Baltimore County, Glen Arm, and have done transactions in Columbia and a ton of them in the County and a couple of tons of them in the city as a family business, controlling and selling houses and commercial properties.

I spent part of 2016 locking in some 5/1 ARMs - from 3.08% to 3.33% with the expectation that it'll give me some time to react to the market depending on who's crystal ball is actually right.