Nolo.com has materials to help write a comprehensive partnership agreement.  

They will vary between location, distance to hydrants, fire department, age of home, cost to rebuild, materials, attached garage or not, etc.PMI?

What's the plan for the kitchen... cabinetry material, color, and are you planning the hardwood floor to continue into the kitchen?

If you flip on a regular basis (vague term that gives the IRS flexibility to determine if you are materially competing with taxpaying businesses), then UBIT would apply.There is no regular taxation to the IRA, so no income or self-employment tax.  

In those cases, you are banking on appreciation that may or may not materialize.

I am always on board with getting a property and doing the rehab,that way I know what is/isn't done I control the quality of materials and often opt for more durable materials that will hold up for multiple tenants.Based on your numbers it sounds like your looking at a 4/ 2br?

Good part was I controlled all material costs and got some great deals. 

You're still out initial materials costs and ongoing repairs costs.

Finding cash flow is tricky given that low rates have increased many asset type price levels materially since 2009.

Can the SDIRA purchase building  materials using a debit card  for a qualified remodeler to install?