Sourcing extremely undervalued property is the talent you want to develop.  

It just depends on the source of the house. 

If you were allowed to do 3 units, hopefully if you do your math right, you will be making your money while renting the place. you can make money buying and flipping if you buy low and sell high, holding a property you count on the profit as your income source, neither of which does anyone go into with the knowledge that values of the properties will go up. the flipper knows there is room to make money based on today's market, buy and hold bases on long term income. 

( Or 3) It's critical to have a SOLID understanding of what your prospect is worth so you actually end up profitable.

My inspection revision deadline is on the 21st and I am trying to get as much input as possible from any source I know.

@Rob Nichols, here is my suggestion for your counter-proposal:You get 65% of the rents and three fifths of the property value, because YOUR sources are providing two thirds of the funding required!

So long as you are not pledging a personal guarantee - and thereby providing the lender additional recourse in the event of a default by pledging your personal assets as security for the IRA's debt - then the source of the loan does not matter.Most private lending transactions, especially owner-financed notes, are non-recourse in nature.

Do you use something like list source or something similar to generate leads?

You might want to look at a partnership with someone that has a better income source.

So total project cost would be around $3,000 based on all the sources I have confirmed can do the work this way.