Also, I overheard one quoting a price for a new roof which was incorrect. 

Nothing you posted corrected me as nothing I said was incorrect.  

Good point on the importance of getting laser focused on the right market.There is a lot of incorrect information out there when it comes to price declines. 

I would love to hear your thoughts on the pros/ cons/ risks involved You're incorrect above but close:Your example of a 1 million dollar purchase price would go like this:80%- Non-recourse loan or $800,000 20%- Transactional Lending or $200,000First leg:  All funds are sent to escrow (from both the non-recourse and transactional lenders respectively) Thus $1 million is received in escrow and closed. 

If the windows were installed incorrectly (which we all know happens) then you could get water creating mold in the building or they could fall out on somebody if not properly affixed.  

I may be reading you post  incorrectly as IDK what you mean between "custodian" and "provider" but you still have to have a custodian as the LLC would be owned by your SDIRA as just another asset. 

That can lead to odd quirks, sometimes good deals, and sometimes long and arduous processes, it just all depends.I will share a story - one Credit Union was offering such attractive HELOC terms that Auto Dealerships caught on to it.

Currently, when I include both refinance and sale proceeds, I get an unrealistic XIRR of 49%, while the average cash flow throughout the investment (7-year hold period) sat around 8%, and this seems incorrect to me. 

But I have JUST proven to you that people in these situations have a 99.9% chance they will NOT be motivated.See the mistake all these software lovers make is they incorrectly ASSUME that foreclosures, and absentee owners, and probates and all these situations imply motivation., but the DATA says that is not true.So I have factually, mathematically proven to you, without any room for opinion, that I am in fact accurate and correct.Everyone with a probstream membership answer me this.

Which requires two, not one, tax returns with incorrect depreciation. 2025 tax return is the earliest when this is possible.