. -30) you cannot insulate ductwork in an unconditioned attic {which gets colder than an unconditioned basement} sufficiently to prevent a noticeable heat loss.

Investor friendly title agents are the ones who understand that as an investor your closings might sometimes be a little more complicated than an end buyer.

By being a co-signer, that person has committed to pay the full amount of any debt or fully satisfy any obligation or responsibility.In effect, they are more committed than an investor who puts up only cash.

If there is no down payment money, has your friend exhausted all resources?

But on a spec build, I think you will have to give them a partnership in the profits as Jon mentioned as the risk is greater than an already built flip.

An LLC is generally a better option than an S-Corp for rental properties.

I know a fellow who has bachelor apartments fitted with in-counter cooktops and a full sized convection/microwave which turned out to be a better fit for his tenants than an oven.

and or the fact that SFR's can be rented for 600 to 800 in the same market and so many SFR's have gone to rental's ... so potential tenants would rather live in a home than an apartment all things being equal? 

Lesson:  Make sure you've exhausted all efforts to find private money before you go the hard money route. 

@David DachteraI understand what you have, and it is a nicely sophisticated tool for pooling several sources of capital and engaging in flip transactions at a lower tax rate than an IRA would directly.What you have is not really a self-directed IRA investing in real estate, but rather a self-directed IRA investing in shares of a complex legal structure that invests in real estate.