He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

To go a bit further into what Dmitriy mentioned, since your IRA earns the income the tax treatment is specific to your IRA.

Santarelli, in two YouTube videos explains the promissory notes investment opportunity (Link), and mentions some of his other ventures including, “cannabis and crypto investing” and producing/co-producing six new Broadway musicals.

You also need the operating cash to do rehab.I say this because you mention FHA and low money.

But by putting it into a broadly diversified index fund like others have mentioned, you'll get the higher "expected" returns of the stock market.  

You can refinance into a FHA 203k or like @Jason Wray mentioned you could even use a Fannie May homestyle renovation loan as well!  

A lot of those new construction projects in Bronzeville are on a slab and framed, as I mentioned above!

8%-11% is pretty standard here and as someone mentioned it really just depends on how the company is run.

their website says they do equipment financing no mention of real estate financing. ???

There is a ton of info on this site, as well as a meet up that others have mentioned.