My partner is funding most of the down payment and closing costs as a limited partner.

The limits are determined by state law.If an IRA owns an asset such as real property, a tenant sues, then they are suing the IRA. 

They will often be between 50 to 60% when roof, windows, water heaters, heating and air,etc. starts reaching end of life expectancy and has to be repaired to extend shelf life or fully replaced.Many times some brokers do a ( if buyers don't ask then don't tell ) kind of thing to get stuff closed and make their money.

The loan limit was one of the reasons I was wondering if an LLC would be a better fit.

As used herein, "permanent improvements" shall include, but not be limited to, all repairs, improvements, and equipment attached to the property as fixtures.

Based on my limited experience, it looks like a good deal that I should go after.

I'm no expert on the matter but if you are limited on information on the property to access what kind of cash flow it can produce I would stay away.

Then you're limited to more owner finance deals, which can be harder to find or sometimes overpriced.  

It will prevent you from flipping it to a normal buyer because they will not be able to get title insurance until the statute of limitations expires for claiming an interest in the property.

Here's where it gets odd.Jack wants me to be the sole borrower on the property, on our joint project.Jack wants me to not tell the bank about my source of rehab funds because it'll "complicate things with the bank"The bank has capped my borrowing limit at $250,000, which is above the necessary $295,000 to do the deal.As a workaround, Jack will be the sole provider of rehab funds (personal funds, cash)Jack wants me to give him one of my personal checks so he can write future offers.Is this a strategic way to expedite the rehab-lending process?