not a novice game.. simply go to  a land use planner or civil engineer in the area and retain them to do a due diligence report for you. 

Stories: 2Year Built: 1984Lot Size: 6.14 ACAPN / Parcel ID: 3-29-00-058.02Last Verified: 3/18/2016 Highlights Over $250,000 Invested in Capital Improvements in the Past 24 MonthsSeveral Units Completely Rehabed with several HVAC/Appliances replacedUpside through Rent Increase to market rate, Improved Management & adding new unitsWell below Replacement CostCash on Cash Return : 25.31% (I do not know how they are getting this number)Internal Rate of Return (IRR) : 23.22% (I also don't know how they got this number)DescriptionValue add opportunity for a new owner. 36-unit, garden-style apartment community built in 1984, the property contains 5 two-story and 1 one-story buildings encompassing wood exteriors and pitched roofs.

We are simply looking to hold property with the self directed IRA funds.

Weather it be patching drywall, painting or simply changing light bulbs.  

Because you have complete control without someone meddling in your decisions.

I'm simply borrowing money from someone who is a private investor for a 6 month term.

Higher returns (over 8% caps) ...This is simply not accurate. 

Simply leaving the money at the selling title company puts you in constructive receipt and wrecks your 1031 from the get go.  

As Is simply means the seller is Not agreeing, up front, to do any lender/buyer requested repairs......period.

He is a seasoned contractor, and when I worked in that space, we have actually completed projects together.