@Jay G.You may not mix personal funds with IRA funds or put a personal guarantee on any debt instrument associated with the IRA.You would need to joint-venture with another investor who is not a disqualified party to your IRA, or utilize a non-recourse loan -  likely from a private lender in the situation you describe.

Are there threats that would make owning and renting SFHs not profitable.

Moreover, Bank appear to only want to deal through a real estate broker, which is also hard to find due to the red tape associated with these type Loans they shy away including the financial institution.  

You can never cash flow in a market like yours unless you ignore most of the costs associated with the property.

What kind of minimum payment schedule construct is associated with it?

That's life.The fact that their co-signer had even worse credit indicates this applicant has a sub par life style and associates with similar people.

I have a friend through another club/association who is a realtor who is willing to help show me the ropes and he was suggesting Northglenn as a possible avenue to invest in.

As a landlord you can charge for contractors to do repair work associated with tenant damage but that is all.

The president of the Salt Lake Real Estate Investment Association (SLREIA) is named Randall Wall.

Each dollar I lend I make sure I understand fully the risk associated with that transaction and do what I can to protect myself.