I am in the process of setting up a self directed IRA using existing IRA rollover funds.Immediate - same day - funding of purchases is critical to me, so I truly appreciate all of the great reviews in this thread!

Efficiency is critical. 

@Andrew Teng I will echo what others have mentioned here:your purchase price is critical to the process.the property usually must "rest" for a period of time before a bank will even look at it again (you are good here).your additional credit/TD ratio is a big factor.the personal relationship you have with a lender is often what can tip the scales.I have used the same lender for 4 years, and she works very hard for me...we have a very friendly and personable relationship. 

Also, it's critical that you get a great local Property Manager.

The biggest takeaway from that: Everything is important, but Property Management is CRITICAL.

Tenant screening is absolutely critical. 

The Coronavirus MeltdownThe current Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison.

If you go this route, it's critical to perform proper due diligence on the borrower, the property and ensure you have equitable collateral. 

Once I reach a point of critical mass where I can no longer do that while keeping my job, it is time to make the switch.  

It's critical to know the amount needed to bring it current in order to bring it out of preforeclosure stage as well.