I would appreciate your feedback and contributions!

In other words we contributed $24,000 to get $124,000 plus.  

You could always open a self-directed IRA from scratch and start making contributions and then invest those funds in tax liens and promissory notes.

It looks like you have a well aligned set of attributes all contributing to your RE success, only furthering my belief on building the right team. 

Johnny pays cheap rent to the owner, which is contributing to the  down payment of the purchase price.The house Johnny lives in  also has a lien on it, because the seller's mother left behind a sizeable nursing home debt. 

We've held in our personal name (as required by the bank we bought it from) since 2003.Our plan is to use our purchase price as our capital contributions. 

Isnt IRA contribution always from EARNED income.

. + Religious, charitable, legal, educational, domestic, accounting services, architecture, engineering, surveying, and veterinary services. + Services rendered by nonprofit membership organizations for the promotion of the interest of the members. + Nonprofit educational and research agencies. + Public utilities as defined under Tenn.

Thank to all making contributions here.

we worked through the old owner and tried to get to the kids when ever possible.. all leads were leads until the logs were on the ground.. a few things we did to speed things up  were as posted above and pretty obviouswe set up 1031s  but hard to sell to an 80 year old who could not fathom how that could be legal.and a few did charitable remainder trusts  probably even more complicated and the ones' where we bought those deals I would say the sellers were pretty savvy folks not your typical tree farmer. so as many have stated whats the sellers best interest and your best interest is many times vis a vi taxation not aligned in any manner.