I've noticed that, in reality, while demo expenses are a big part of it, oftentimes people severely underestimate the other costs involved, like getting everything drafted/designed properly and getting every part of the construction permitted by the City.My overall point was that demo costs are more predictable and foreseeable, whereas people that consider demo and rebuilds oftentimes underestimate the other costs involved, which tend to add up to so much upfront cost that demo/rebuild projects end up being a not-so-great investment decision after you crunch all those numbers.  

So, 6k in cash and proper insurance would cover a full roof, or most of both furnace replacements (retail), or a large variety of odds and ends. 

Just make sure you think about the purchase properly and really make sure it fits with your goals.

What should I look for and what do I need to know about my market to properly analyze a deal in a reasonable amount of time?

So long as the terms of that note will allow you to execute the subject to transaction, there should be nothing related to the IRA that would create an issue for you or the IRA account holder.The IRA as it stands should be subject to UDFI taxation on any of the income derived from the debt financing.  

It can be a great way to get results for your retirement savings if executed properly.

Recently I have been torn with my decision on execution and I'd like to hear what BP has to say.I currently don't own any properties and I am looking to purchase a multi-family unit so that I can get my first property, rent it out and start building equity.I have heard from multiple friends about how the market is on peak and I should probably wait to purchase a property.What opinions do you guys have with this topic?

Agree with hard money loans with the caveat that you have to know how to properly underwrite them, or have somebody on your team that you implicitly trust to do this for you (but this is something that I wouldn't personally outsource).

Learning how to properly analyze deals is key #1.  

I bring a cheap (about $8) electrical tester that you plug into an outlet, to see if the outlet is wired properly.