@Jose Quintana@Matt Lefebvre is correct with regards to the FHA solution. 

I'm aware its not a long term solution to provide the vent boxes.  

What is the solution?

It seems like you've analyzed the deal and have solutions for most of the issues.

I'd keep it monthly, just do whatever work out you want to do to get him current and stick to your current monthly terms to deal with him if he gets late again and then consider a guaranteed solution if that keeps happening, which is eviction, Screw cash for keys and all the work arounds you're looking at.

But maybe one short term solution to your question would be taking a contractor through the place with you?

This may be the very best thread to get you stated leaning about self directed IRA's and now that it is in the proper place (its own section) we should get even more people to view it.Ask away, I will monitor this thread and be sure to help answer your questions.WillYou may have questions about prohibited transactions, disqualified parties, other options to the SDIRA, or what is the best use for you, so ask away.

This is not a one size fits all solution.

It is a commitments that I will never propose a solution to someone's problem until I fully understand the problem.

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