I may reconsider the self directed IRA at this point. 

Several months later we saw that the home was still on the market so we went back to the agent and stated our original offer still stands if the seller wanted to reconsider.

Totaling $15,000 for 6 months.If just one unexpected item arises in construction, you could be in financial trouble.If you haven’t already purchased, please reconsider this project, as there will be better opportunities in the future.  

@Timothy VanWingerden thank you, I'll definitely reconsider the 6-month lease term should the tenants want to go that route. 

If so, short-term financing through debt might make sense.If not, I would suggest that you reconsider your approach.

Just the threat may make the seller reconsider trying to make a few extra bucks. 

They said no they had other interested buyers I told them to call me in a few weeks if they wanted to reconsidered. we ended up agreeing on a net purchase price of $215,000.

I knew they were flippers and needed to sell sooner rather than later to get there money out, so I was hoping they’d reconsider. 3 days later I got a call saying they agreed to everything and the rest is history.

If I were you I'd reconsider spending all of your cash on one unit.

If I had known before about these other options I may have reconsidered when I first started.