Seller has it significantly overpriced, but the listing agent has given some indication that he understands the property's issues and may be willing to come close to my strike price (she doesn't know that number.).

@Gerardo CantuThere has been a good bit of information thrown around here, but nothing that strikes me as that concise, to your point (albeit quite broad) or really a good starting point.Basically, a self-directed IRA is simply an IRA that can be invested differently.  

Also while your at home depot go to the pro desk, like Jscott says, and strike up a conversation with the staff and contractors about rehabbing without tipping your hand in your inexperience.This takes a little time, don't think you will learn this over night.

I just sent a few pieces of mail out to them, hopefully I can strike one.

You will never hit a home run or even strike out if your too scared to step up to the plate and take a swing.

Commercial is definitely something that strikes my interest once I get comfortable and have my systems running smoothly and understand the process more thoroughly.

The harder you work, the faster you get there, but there's absolutely nothing wrong with the slow, steady route, picking up a deal here and there as the opportunity strikes with the extra income you earn from a day job.It's completely feasible to flip a property or two a year, or buy a few rental properties a year, without affecting your full time day job.

I'd meet both him and his subs onsite and try to strike a deal.  

Also, just strike up a general conversation about your neighbor's home.

If its underwater, youre on like strike 5 with the deal.