If you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a speciality trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.Can I contribute to both a Solo 401k and SDIRA?

It’s clear that the evolving market, especially post-GFC have shaped your perspective, and you’ve outlined some valuable points about the flexibility and challenges of private lending.The flexibility in ARV and LTV is such a huge advantage, especially for investors who might not have traditional financing options.

The huge advantage for us is not having the stress and expense of hard money hanging over us if things aren't going just right.

There are definitely advantages to the liability issue when using an LLC, but there are some disadvantages as well. 

There are several city programs that we are taking advantage of as well—tax credits, funding, etc. 

Yes they usually have HOAs and that could be an advantage to keep property values up.

Take advantage of the pooled resources you have at your disposal.

Because I'm not an accountant or versed in tax code and law wouldn't I want a CPA to ensure everything is legally tight and as advantageous as it can be? 

You may have an advantage since there is very low deal volume in your area, and may have multiple bidders.Good luckGino

House hacking with a VA loan is a big advantage.