I'm new to the investor world and what brought me here was the overall goal for financial peace.

It would help my growth (and progress toward financial independence) to have his capital to play with but I want to be sure and make a deal that benefits everyone. 

You are now FIRE (Financially Independent through Real Estate).

You can take them to court and sue them for failure to perform on the contract and seek damages, but how much time and money is it worth sinking into this? 

I am planning financial structure currently while working through design and budgeting and want to bounce some things off professionals not in my local market.Thanks in advance.

Has anyone used 'IRA Financial Group' for their Self Directed Real Estate IRA? 

It is subject to probate court confirmation but the auction house says that that is just a formality, there's no real sign off and what it goes for is what it goes for.

I would look at current/past 24 months financials.

I did manage to dig a bit deeper and found out that the municipality of Edmonton has an advisory body still active which offers a full suite of forms which have been legally reviewed by their own real estate lawyers and by the dispute resolution courts.

Renting it out is an idea though I never considered doing buy and hold so I really have no idea how to evaluate if the property makes financial sense to do so with.