We could not officially sign the papers until NASB turned over the money, but NASB would not turn over the money until we had signed the papers.Fortunately, we were able to get a short-term loan for the balance, officially buy the property, get the NASB mortgage, and then pay the short term loan back within a very short time frame.Now I want to buy another property with another friend using SD-IRA's and I don't want to go through the same process.

I'm not going to even bother looking at their site.....you don't get an unsecured cash line of credit for $60k without some substantial/decent financials, and a business history.....period.

Everyone is different in this situation based on what they have going on in their life.The vacancies on a single family are hard because it will drop your income to 0 for the period it sits.

If less than $500K then you'd have to negotiate it as a short sale with the 2nd lender.  

As long as you can get in contact with the existing tenants during your due diligence period you should be good.

But what about short term rentals?

But I kindly pat each one of them on the head, and remind them that life is too short, and that they should make love, not war.

Essentially you are buying like it's a Multifamily (income based approach vs lending to you as a credit taker)  and my hopes are I can get those going shortly. 

I also obtained certification in mitigation for foreclosures, short sales and tax sales for Global Equity Lending and American Home Lending.

It is more that he wants to have a relationship with the eventual buyer and see how they have done business over a multiple year  period.