The funds used to fix up the property came from a personal loan that I took out. 

I sent a follow up text asking for the buyer's name, proof of funds. and email so I can send the agreement first if he's planning to double close.My main question is, Is this a common way of being approached by buyers, or every buyer has their own way?

The exchange has to be done with an intermediary because you aren't allowed to touch the funds, but you're past that now...

Just limited in funds to put down, especially if it needs a lot of repairs. 

If you don't, then you could see all your funds disappear and you wind up with no cash flow and no equity. 

Much of the house looks like a dump inside, but it's in a desirable location A neighaboor told me last weekend that the former owner was a "slumlord", known for being overly cheap and not fixing things the right way.

No bank will finance it, so you will need to partner with a private money person to fund this.

When you have the funds and the approval, you can move forward on your first duplex/triplex/quad house hack.

Dustin,It is possible to use a self-directed IRA to invest in real estate, however you most likely will not be able to fund it from your PST.

Seems like 3-4 bed /2 bathroom homes / 1000 sq ft homes are the desirable norm in Independence?