He has not began developing yet...He's got a 15 year time horizon and is seeking to joint-develop with the University. 

(Horizon Bank)SunWest Trust CompanyVantage IRA (TPA)``````````````````````````````````List of Small Self Directed IRA Custodians (<$500 Million)American IRA (TPA)Self Directed IRA Custodians of Unknown Size (have not disclosed amount under custody):American Estate & TrustAmerican Pension Services (TPA)Capital IRA (TPA)Community National BankThe Entrust Group (TPA)Exeter (TPA)Horizon Trust CompanyIRA Club (TPA)IRA Resources (TPA)Nevada Trust CompanyNexus Direct IRA (TPA)PolyComp Trust CompanyPreferred Trust CompanyPremier TrustRealTrust IRA Alternatives (TPA)Sovereign International Pension Services (TPA)Summit Trust CompanyuDirect IRA (TPA)`````````````````````````````````Write the owner a letter.

I don't care what you're buying, when your cost of capital (They also give him 75% LTV) is 1.85%, almost any going in cap rate is gonna translate into an incredible return over a 2-5 year horizon.

Well, you can call/meet GC's and tell them you have projects on the horizon and basically interview them.

You could also explore fixed income mutual funds or ETFs, but these may lose principal.For the balance, consider that 10-12 years is a long enough time horizon that fixed income instruments - bonds, CDs, or debt funds - are subject to inflation risk.

They feel like they'd working their tails off for a modest amount of monthly cash flow (though they do own half of the equity that was created, which totaled $350k or so), while he gets $2,500/mth or so with a zero net investment (now I know his credit and finances are on the line for the note, but this is their perspective).So these deals where there is a multi-year (or indefinite) time horizon, particularly when a lot of equity is created and no defined end game, are just rife for unhappy participants.

Given our long-term time horizon, this is OK for us, but wouldn't be for a lot of people.If selling would just break even, then there is literally no value in selling.

The place has had very little in the way of maintenance problems thus far (2005 build), but I see that on the horizon.

These will biggest maintenance expenses over investment time horizon that don't necessarily add equity or value, in most cases.SFR in my area pass HOA expense onto renters in some cases, as many people may favor the amenities of the HOA over a community without one...

Do you really believe that's the case given the time horizon you're considering?