In addition to the obvious contribution limitations, the dangers of self-dealing, and general ease of “messing up,” a self-directed retirement plan also eliminates the ability to take advantage of significant real estate benefits as depreciation and many business deductions.Jeff

Otherwise you will be limited to some flips and some REOs

I'm sure everyone has heard of Lifestyles Unlimited!

I would do a limited amount if I had a property with challenging space(s).

So see hard money as a tool that allows you to leverage your limited capital and increase your ROI significantly.And by all means, develop your own sources of private money over time.

The county also has its own MLS separate from the rest of the state which limits "outsiders" from seeing what's going on.

If they like, they can be in an active role with limited duties.

They should be able to advise you if the limits are reasonable and ordinary.On the issue of term, you should be able to negotiate an immediate termination provision for cause.

You don’t know what the limits are.

You could 1031 from that one building to many single houses, but that could be really tough to do within time constraints limits for a 1031 exchange (especially if you really are holding out for good deals to buy).