I will select the note, the IRA acquires it and I manage various vendors towards a final resolution where the IRA either sells the now re-performing note or the property upon foreclosure.

Let's talk about market selection, here are some things to look for:1.

If you're new to the game, the book should be your bible!

You have selected a great area.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I wanted to get in the game, I would sacrifice anything to succeed.

Who any veteran Investors suggest this to newbies as a way to stay in the game?

New to the Landlording game.

There are other strategies which require no money out of pocket but typically a beginning flipper is going to need some available money at hand to get into the game or even to put you in position to use those strategies.

For you, thus means you will have a little more skin in tbe game.  

This savings could translate into a higher return on your time since if you paid back your 49,200 and only have 20k left @12% interest lets say your month cost to hold the property is not substantially less in the absence of obscene closing costs or points.Option B:This may be an investors dream cash back 45k in your hands and a property with no skin in the game "infinite return," assuming you still cash flow with 120k of leverage on the property.A tenant would be paying your mortgage, taxes, insurance, and etc while you've retained the property, received 45k non taxable proceeds from the refinance since the asset has not been sold, and potentially making some income each month if the numbers work.120k @30 year fixed 5.625% is only about 690.79 per month and taxes and insurance I'd wager (depending on state) is probably 130 more.