As I have already began taking consistent daily action, I am confident that through implementing these steps I will soon have the knowledge, support channel and resources to acquire my first deal, becoming closer to achieving both my short and long term goals. 

At this point, maybe five years down the road, I move these mobile homes to a Mobile Home Park I have since acquired and either build a single-family home on the lot and rent/sell or sell the lot with no structure standing on it. 

Side note: the family member that I am purchasing the property has been rented by my business (short term sober house rentals) for the past 3 yearsI plan on continuing this business after acquiring the property.

If this company/group has found these real estate investments - what has prevented you from acquiring them or moving forward with purchasing them? 

Hard money is used because it is usually a much faster process & also can be used with properties that in the current condition won't qualify for traditional loans.65%-75% of ARV is the typical range but it varies lender to lender.Flippers will use hard money to acquire the property & fix it up to resell.Holders will use hard money to acquire quickly then switch to bank financing to keep it for a rental.There are so many different hard money lenders and guidelines. 

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

An example would be a 2/1 1500 sq ft house I acquired for 2k, yes, $2,000.

Be a bit patient in acquiring your first property to where you know that the rent from the other tenant(s) will cover your entire mortgage on that building.

My questions now comes to creating a partnership  where 3 of us are all GP's utilizing investor's (LP) money to acquire, develop, and cash flow multifamily type developments. 

For these reasons, I feel like it’s best to leave existing loans in place and try to acquire new ones at more favorable rates.