Every time we visit we have to rent a hotel room.

It was a swift and successful purchase with tenants in 5 days after putting it on the market and I also wanted to test my metal with regards to buying sight unseen (I only visited the house after having keys in hand).

I have family that visits from out of state often so there is a legitimate reason to have the space for visitors when justifying with a bank. 

I appreciate your explanation on the management - Didn't know that PM companies can supply on-site managers - I guess that means I provide some kind of work space where they come to work each day, yes?  

Fast forward a couple months now the work has slowed down dramatically .the main problem now is this last $33,000 draw he hasn’t hardly came at all in the last several weeks virtually non existent other than a couple guys for an hour or two and it’s really starting to get where I’m worried .the Bank approved it each time when there clearly wasn’t enough that could’ve been done on the contract i got one draw left ( I won’t sign yet obviously) I only have about 10 grand left of draw and so now I’m kind of worried because the project can’t be finished on the ten grand that’s left .

I've come across a couple of banks selling foreclosed properties through quitclaim deeds and am looking for advice on how I should proceed as this would be my first time dealing with this kind of purchase arrangement.

I don't think there is a right or wrong answer.If you're ever come visit down south let me know and i'd be happy to talk to you about the market down here. 

There are all kinds of people there that can help you out.

If you decide to take the property out of an IRA at a later time via “in-kind distribution” then it would become your personal property and you are free to do with it anything you wish. 

Or you can learn by reading, listening, watching, and still find that you would be 10x farther along if you had just started by  connecting with the right person from the beginning.Find out what kind of area you are interested in investing in, put the funds together and say here's my skin in the game, then connect on Connected Investors, BP, local facebook pages, local reia meetups, and elsewhere.