You will benefit from better rates and lower cost lumber now, so that will help make up for some of the added carry and perhaps the market conditions have even improved? 

@Richard NguyenHere are some of the downsides of putting real estate into a self directed IRA or 401k.No tax deductions: You can’t claim deductions for property taxes, mortgage interest, depreciation, repairs, improvements and other property-related expenses.Property expenses: All expenses, repairs, and maintenance costs must be paid with IRA or 401k funds, and you must pay others to do repairs and manage the property.

These are typically located in lesser-known vacation rental markets, but have very strong fundamentals and great room for improvement. 

You need to do renovations, improve the property, and drive up rents.

You'll also want to consider if each lender provides funding for renovations/improvements.

I bought a multifamily property that was undervalued, so working on renovations and improvements now.

Buying quality assets with a larger amount down, making improvements, and paying off debt could get you there relatively quickly. 

Average maintenance and capital improvement: 350/month (4-5kyr).

This is more about riding the wave of a growing market.2.Forced Appreciation: Actively increasing a property’s value through strategic actions like renovations, raising rents, or improving operations.

Focus on value-add properties where improvements like renovations or better management can increase returns.