I was also curious if this is situation that i could turn around and sell the house to a cash buyer, essentially wholesaling.

What are some of the essential elements the contract needs?

Hi @Jason ChanWelcome to BP.Hope you get benefit from it and create good connections like we did.Good Luck!!!

Is there any benefit to me to actually going through with this?

One says there are many tax benefits to owning real estate even with my income and others say I won't see any benefit or possibly negative!

Account Closed this is a different tactic than $9.99 at Walmart, it is essentially saying to the other party, this is my final offer take it or leave it, without saying those words. 

There can be no direct or indirect benefit between an IRA and a disqualified party. 

Apparently there is a benefit to having an LLC in Montana vs Maryland where I live.

If I were to do this, I would want to rehab then put a mortgage on the property after a seasoning period (essentially the BRRR strategy) but, even if I force appreciation and it cashflows, I am still worried about finding a traditional lender.I thought I might use a partner to co-sign a traditional mortgage with 20%-25% down and that way I could do several deals with conventional financing using my saved capital.

This is actually also a benefit sometimes if you plan to take an active roll in the association you might have more control over turning around or improving an ailing condo association.