Duct tape is). 

If you want to be a slum lord that only fixes things with duct tape and bailing wire....well, that's a different ball game entirely.

Lot's of red tape and time for me to make only 3,000 - 6,000 on 200k sales price.Someone else calls me up and says they have 700k cash of their own to invest and wants to buy a 3 million apartment building.

They do understand the process would involve (if they continue to reside in the rental unit) applicants walking through to view the place.Security deposits would be used to pay rent if the unit is abandoned.

Pulling credit, applications etc? 

So I have been finishing up this excellent book on behavioural economics called 'Predictably Irrational' and I highly recommend it if you haven't read it yet as I believe it to have excellent application to investors!

for giving me the run around and pretty much taking so long on my application.

So for those of you reading and not participating here is the mistake I made I encourage you not to...Mistake #1I assumed that my bank offered FHA loans so I went online and filled out the application to see what I could be approved for and after they put a hard credit inquiry on my credit report I found out they don't offer FHA loans.Can only assume I will make many more mistakes along the way, thank god for BiggerPockets to help reduce them!

It's funny how 9 un-taped wire nuts can tell you a lot about the quality of the work done in a large building.  

Of course this isn't as applicable for IRA investments made in housing flips, but for those individuals investing in larger multifamily or commercial buy and hold RE investments, SDIRAs can help you gain exposure to direct real estate and realize superior cash flow returns relative to most other passive investments.