If you are leveraging the cash value of a life insurance policy for syndications, you really shouldn't be using a policy loan.

It may take a little time using a free app, but it's worth it.

Since you are not using a traditional lender; you can tell the private lender what you propose and then negotiate out the details.

Some of the tips to make the SDIRA process less cumbersome include 1) Leaving a pad of cash for expenses 2) Using a property manager to keep things arms-length 3) Using the online portal for quick processing of bills that need to be paid. 

This is an off market deal and we are using a real estate agent. 

However, I've begun using a CPA to help with my tax filings staring for the 2021 tax season and I pay him to navigate the rules and regulations of what is required.I have heard of CA pursuing "unpaid" taxes on out of state residents who have rentals or earn income in CA, so for my situation, it is worth hiring a tax professional to ensure I am doing everything correctly and am not hit with a bill 5 years from now from unpaid taxes + interest claimed by CA.

For a SFR, you are  using a variety of data sources to get the comps for an area (such as market price per sqft) but with a multifamily, you are not necessarily looking at price per sqft  or "like" properties per se, rather you initially have to determine the rental price & cash flow per unit from which you can then work backwards to ascertain or derive value.Also, unless you have a property under contract, the opposite of attention is what you are typically looking for in regards any deal so you may want to learn as much about ARVs as you can -- fast!

@Corey Valin- if your friend is using a loan - have them make sure  that loaned  funds  can be used for the EMD   ( it likely cant  )  ...if your  friend is allowed  to  use  a loan for  EMD - I would recommend getting the  lenders  loan requirements  and then  contacting a real estate attorney  to  draft up the loan 

Instead of using a GC, hire a plumber, electrician, window guy, roof guy, etc.

Hello, I am looking to invest in building single family spec homes in Michigan using a general contractor.