You wouldn't need that much for a down payment, are there friends or other family members you can borrow from? 

In the past the VA borrower got cash back at closing using this 4% seller credit strategy but no more longer.

Borrow as much money as possible to buy cashflowing (good) assets   Build wealth-creating habits. 

I can't remember which but I believe either Fannie or Freddie now allows borrowers to transfer of property to an LLC.

Since the IRA (not you) is the borrower, the loan must be non-recourse. 

They might be pushing you away from doing a 203K loan, which can be a pain and frankly many don't close, but the payoff is huge for the borrower.

Our local radio station wanted to borrow against their equity so I had to evaluate three very unique properties for $300 each.

Is the mortgage holder OK with transferring ownership of the property to someone else than the original borrower?

However, most lenders will only lend on the new value after 12 months of ownership.Example with numbers:Purchase Price                    150,000Equity to Buy (25%)               37,500Loan to Buy (75%)                112,500Rehab Cost                            30,000After Rehab Value                250,000After owning for 12 months, the bank will let you borrow 75% of the 250,000 or $187,500 total loan, or $75,000 cash out.  

Only the Personal Liability for the debt by the borrower goes away.