Between rent control, a RTA and LTB that are highly pro tennat, well educated tenants that "know their rights" and welfare fraud running rampant it is not worth the effort for investors from away. 

Andrew Carnegie    Do what you know and can control.

That account would not provide the same level of checkbook control, but would be well suited for something like a crowd fund or private lending transaction.

So my thing with private lending is just that I don't have control over the properties and what happens to them. 

Do a good job communicating when there were issues out of your control that delayed it?

well instead of checking with folks on the internet why don't you call your state agency that controls lending and ask them what are the rules.. every state is different just because some one is doing it in antoher state makes no matter if its not legal in your state..

So I'm a little bummed I didn't get to do my first flip, but I'm happy that I was able to control the deal and make sure the house will eventually go to a homeowner instead of a renter.

Are there 14 bathrooms and state of the art sensors running 13 different furnace control units based on users position in the house.

You have to consider number of factors before doing this, the property would have to be appraised and would be added to your income for the year in which you make the distribution, likely pushing your tax bracket up.If you simply wish to get into self-directed investing you may want to consider truly self-directed Solo 401k, it has number of advantages over SD IRA such as contributions limits 10X higher, no need for a custodian, checkbook control, exempt from UBIT on leveraged real estate and more.

I'm a big believer in having property management in house & our team manages all of our own assets - this gives us the ability to control expenses, negotiate all contracts that come through the door, keep a solid pulse on your investments, and more.