I read an article from Business insiders: The American suburbs as we know them are dyingIt's very interesting and basically talks about how the Suburbs are changing, malls are becoming ghost towns, and Millennials are move to more urban and efficient living spaces in denser areas where walkability is a benefit.Of course if all of this is true, buying into major cities ahead of the migration of younger people seems like an excellent strategy.In fact, we see this all the time and contributes towards a process of gentrification.

Last summer it needed a full rehab--triggered by tenant damage with smoke but went ahead and used it as an opportunity to go ahead and do the upgrades it needed anyway.

So realizing now that it'd be best to partner with others on your first few deals will put you a step ahead of worrying about financing.You should think big, but realistically as well.

This was his mom's home which was owned in a trust, and they decided to use a land contract as the vehicle by which I will pay him back.  

@Monique Davis you are leap years ahead of where I was and those are two great assets to have on your side!

go ahead and fund the deal and close the escrow.

If you can find a great deal where you gain instant equity via buying below appraisal value, you are already ahead.

Just a heads up.

I also do hard money/private money as well.I love my IRA but I also think you don't have limit yourself with just these types of accounts, there are other comparable vehicles to consider (many times with fewer rules)  such as insurance contracts for example.Best,Dave

Regardless, if you find a great opportunity, go full steam ahead and use some equity to fuel a deal!