I borrow money from private lenders in my market every month.

As an aspiring real estate investor I like the idea of being able to invest in real estate, notes, metals, and lend privately to others through a self-directed IRA.

They have suggested they would partner up with me and take over the build/liablilty with a private money loan to get the construction done faster.

If you've got enough damage to bring the price down that low, then it is a major job, and the permitting/paperwork/inspections needed to get it back up and running could be the biggest hurtle. 

Large parking lots are the biggest other expense they would ultimately need to cover.I want to check on a few elements of this property. 1.

You can borrow from bank (signature or Home Equity) private money, hard money or even put on a credit card.Then you wouldn't have to worry about the pool liability or tenants.Maybe your In-laws would front the money?

.$1484 monthly cashflow5.66 cap rate.I'm new and one of my biggest concerns is mortage rates right now are around 3%.

My biggest problem today is finding quality contractors.

These houses were built by a company and are all on its own private street and pretty much identical to each other.  

What do you guys think about renting it and selling it privately with a tenant in place?