He also does not have much cash to support this massive renovation. 

As you point out, there are numerous transfers that are not taxable events.This would be a transfer for purposes of dissolving a partnership.

Some feel cheated by the bank and will go on about the lack of support the bank offered. 

@Neil GarceauFor one, people get the loans because they have the income to support it. 

The numbers support buying a property that is $250k or less within 50 miles of I-35.  

I know he would not be especially cooperative with numerous people walking through due to COVID (one of the reasons I was thinking it was best to remove him).  

It seems most of the IRA custodians that support the SDIRA/LLC arrangement don't actually handle setting up the LLC or help with the mechanics of operating it.We've found a couple that do, IRA Financial Trust Company and Midland Trust.

I would like to keep all further RE purchases under professional management so I can focus on acquisition and my full time career until I can grow this enough to financially support my family.I have definitely learned a lot from the first property we owned and would prefer to stay away from C-class properties unless they are in a really good area (which seems like an oxymoron lol). 

This is in PA if that matters.I know this topic has been asked numerous times but would love to hear any updated/specific thoughts.

Hey all, I've been looking for the data to support this but it's hard to find at the moment.