You likely will need to file in California as well as in DE. But

The property investment, whether funded by the IRA or by cold hard cash needs to stand on its own and deliver stellar returns. 

Not a stellar tenant but even in this ritzy high income neighborhood where 95% of people are homeowners, people like this is what you end up with: they can't buy due to their credit so they rent.They've paid rent late once to date and I enforced the $25 late fee.

I have bought tons of these over the years well over 200 of them like this.... most the sellers credit was already trashed.. but when a seller has stellar credit this is highly risky to them..

(This is my debut BP post) 

She became one of our stellar tenants.The upside is, if you are willing to accept the risk and rent to someone with negative legal history, they are likely to become long-term renters because they have much fewer options available to them and are likely to stick with a landlord treats them respectfully.

I use my solo 401K for money lending and the returns have been stellar. 

Not all that stellar considering that is the historical average of the stock market.

The reason it's a stellar deal is because of this issue- if they deliver vacant, it's easily worth 2-3x more.I totally agree though, it's sad that a family is doing this to each other. 

That means that the buyer/borrower will have to come up with around 25%.If the borrower have experience and success in operating a particular type of property, the borrower may get a greater LTV.If the Net Operating Income from the property is stellar, the borrower may get a greater LTV.There will also be other expenses prior to closing on a loan and at the closing table.