A great place to start is with an attorney who has significant experience in non registered securities. 

If they are deadbeats you may get nothing but I have heard on this forum they they do eventually get paid back, even years later, so it is worth a try imo.If you stick with this company or use a new company be sure to have a clearly defined policy about how non payment of rent is handled.

Why not buy the 2nd property using a conventional loan as a non-owner occupied property and then when the year passes you refi into an owner-occupied loan.

I have found two very distressed properties that I would love to get under contract but the public records show that the occupants are the owners themselves.

You can invest with less risk by using all cash, you can also have less risk by investing in non real estate assets.

We moved the dangerous non code complaint electric mast and panel.

We moved the dangerous non code complaint electric mast and panel.

NOO probate either tax delinquent or preforclosure.I’d be at the public records office or courthouse or if it’s available online I’d be at Starbucks Then I’d go meet with them, I’d skip trace or send a white letter then show up on a Saturday between 12-4pm

That $10K would be all available, or the IRA could joint venture with another investor not considered a disqualified party to your IRA (you, spouse, lineal family).An IRA may borrow, but must use a non-recourse loan, meaning no personal guarantee from you or a disqualified party. 

Make the option money applicable to purchase price if they buy, but non-refundable if they don't.