I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

If you're willing to do that you won't have issues getting a loan based on what you're saying.  

So far I've lived in NYC, the SF bay area, LA, Atlanta and Chicago and I'm currently based in Northern NJ. 

Also, we are holding a Portland based BP meet-and-greet on October 11, in Northeast.Good luck.

2) Based on my first question, a lot of folks will say to open a Self Directed IRA to avoid the tax and penalty.

You want to fix up a property and finance using hard money, then hope to sell in a couple years based on the appreciation.  

So I'd think your decision on which of those to do would need to be based on figuring out how much time, effort, capital, and risk you are interested in taking on.I've always gone the turnkey route...

Tyndall Air Base is top notch also.Good luck.

Data Points:101 Latham Place, CharlottePurchase price - $116,000Buy Side Closing Costs - $5000Total Rehab Cost Budget - $100,000Total Financed Amount (purchase + construction costs) - $190,000Estimated time to Rehab: 5 Months (based on conversations with multiple GC's and Architect)HML Cost to Borrow Interest  - 10,000 (12% rate on 190,000 borrowed across 5 months)HML Cost to Borrow Points - $7,000 (3.5% on 190,000)ARV - $310,000Exit Closing Costs - $3,500Staging Company to Sell - $3,000Holding Costs (utilities, taxes, insurance) - 2,750The Total Rehab Costs is based on what I believe to be a reputable GC who has experience flipping in this neighborhood.

I have decided to post this in the success stories section of our community based on the fact that I am leaving myself no choice but to achieve it.