However, this is a serious violation on the part of both parties and I am sure the Housing Authority Integrity Officer would investigate.

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsBest of luck here at BP Nation.

They are actively investigating this. 

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsGood luck on everything!

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Best of luck here at BP Nation.

Investigates rents in the area and calculate if the rents will cover the mortgage when you leave.

After investigation with the community management team, I made the decision to close both accounts for various violations of our forum rules.

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@Gurpreet Saini Just search keyword self-directed IRA on BiggerPockets, you should find many posts about what it is and how to set it up.