If I exit in the future might just break even or get some profit.2) second deal is single family 3 bedroom at $49000 %15 percent down, same area near the college rented at $700 that brings $8400, tenant lease is month to month.

At that point you either can get a decent cap rate or you likely could flip the property for massive profits.

or should I wait until next year when I’ve actually made profits made to hire an accountant.

If that is based on comps, then you probably already have a lot of that equity with doing zero work, the work would only add marginally more equity, so in theory you could see what type of HELOC you could get now instead of spending $30k on rehab and then seeing.

Rents are collected via social security and donations from non profits as these are elderly people, therefore the rent is paid timely- Thoughts?

I found one on the local craigslist that I could afford, and I'm thinking about buying it with the intention of renting it out, and using the profits from that to offset my own living situation (kinda like a duplex house hack but with 2 separate houses), or worse case scenario I could just live there and the lot rent plus utilities would be less than what I'm currently paying, and I could have roommates for extra income.

So, if your Self Directed IRA is 75% partner with another entity, then it must collect 75% of the profit (rental income, sold gains, etc), it must also contribute 75% of the expenses (rehab, insurance, taxes, etc).I am not sure about loaning to a partner. 

If you or anyone you know does this please let me know as I'm willing to share profit in return for on-site experience, etc.

I don’t want to do a undoable deal but I will pursue no matter how little the profit if there is to made depending on the reverse mortgage

He told me that we can't do that and that it is a partnership.In looking at the IRS definitions it states:PartnershipA partnership is the relationship between two or more persons who join to carry on a trade or business, with each person contributing money, property, labor, or skill and each expecting to share in the profits and losses of the business whether or not a formal partnership agreement is made.The term "partnership" includes a limited partnership, syndicate, group, pool, joint venture, or other unincorporated organization, through or by which any business, financial operation, or venture is carried on, that is not, within the meaning of the regulations under section 7701, a corporation, trust, estate, or sole proprietorship.A joint undertaking merely to share expenses is not a partnership.