It is offered as a way to bypass buying RE in SDIRA? 

Let's not forget about Syracuse, NY (but just from an investment perspective).Syracuse, a prominent city in New York, offers a rich tapestry of culture, history, and education, highlighted by institutions like Syracuse University.

Use that money to put down on a real piece of property that offers tax benefits, appreciation and less police traffic.

The seller for this property is motivated because he never intended to be a landlord and wants to move to Florida.I want to try to get him to understand all of the expenses that I need to incur as an investor and that my offer price comes down to the number my spreadsheet shoots out basically.

The program looks at location, property value, amount owing, interest rate, taxes, insurance, rents, condition, etc and several exit strategies.When we make an offer to buy, we can offer cash, subject to, wrap, seller financing, lease option, seller carryback and so on.Obviously if we wholesale the property, there is no carrying management needed, and if use a lease option to sell, the optionee is responsible for maintenance and repairs.

Is there any banks offering a HELOC on a rental property?

If the property is not a total gut or vacant land I do not see how a ground up construction loan would work in this scenario @Robert Ellis, you mind walking us through this to provide some insight. 

They can walk in to a local branch with cash or personal check, or pay via ACH bank transfer online. 

I aim to have it show the impact of K1 losses if the syndication offers it, and that tool is helpful because some of the comparisons will show a real estate syndication vs mortgage notes or debt funds that may not offer the same tax advantages/losses.I've included some of the criteria I was putting on the Excel calculation below.

, so you can just walk away from the whole thing.Things that can help - get comps in advance and have them available at the open house, as well as pre-sale inspection report.