I have done about as much as I am comfortable taking on and am looking for some professional help for small misc projects. 

3- Can a business partner, whom is not a family member, borrow from my Self Directed IRA if its a flip project we are doing together?

I would check around with this guy and make sure he has finished projects.

Who is going to write up the budget and update the books as the project progresses. 3) You THINK that flipping houses will be your EASIEST way to make profit?!!??!

Then I would run a projection of what the numbers will look like using conventional financing.The length of time depends on how long the investor would like to tie up his money and how much money he ultimately wants to make on this deal.

Does anyone have a reference for affordable/quality contractors for the project? 

Whichever model/ideas gets the most votes/likes I will seriously considered for my project.

When projecting expenses always add a factor to account for unexpected expenses.

The portfolio is worth around $7 million and I am looking to cash out maximum equity to go do the next project.

I go in with a number that is based on projected returns etc. if I can get it at my number (which i start lower of course) then all is well.