Will they help with foreclosing or are they strictly just managing the money? 

@Cathie Kovacs There are a lot of tax implications when investing in real estate via an SDIRA.There are strict rules and guidelines as well as possible tax liabilities (UBIT, UDFI) depending on the investment.I'm biased, of course, but a CPA is a necessary team member if you're using an SDIRA to invest in real estate.

don't know about that state but I know CA OR and WA have very strict laws on what you can and cannot do with someone in distress IE in foreclosure.. check with the state or a good real estate attorney taking advice from the internet is not wise with something like this I think .. unless an attorney familiar will pop on and give an opinion..

@Jason Sirois no one has mentioned this yet, but if you’re changing industries (tech to RE broker/agent), you’re going to have a difficult time qualifying for a loan until you have 2 years of solid tax returns.I wasn’t sure if your goal was to become an investor or to strictly focus on being an agent/broker, so perhaps you have already thought about this. 

Keep it strictly a loan from him to you.

Do they look strictly at ROI/ CAP rates?

@Damon Pendleton Thank you, I'm going to let them know we're strict and won't tolerate late payment.

The way I look at it is there are some big advantages to being a contractor, the biggest of which for my area would be the ability to pull permits on anything you don't owner occupy (my understanding is TN is a lot less strict on things than MN). 

It is strictly for an investment and to generate cash flow.

You can always live in the property and then move out after that first year, you just can't use an FHA loan for a strictly investment property.