@Andrew Edwards - Dude, you are sitting on a gold mine (actually your sitting "in" a gold mine).  

So, that's a long time for the place to sit vacant, no utilities and no remediation let alone fixing it (sale is "as-is" of course).Our options:1.

If it's sitting vacant, it's very likely you can negotiate terms, down payment or whatever else, just get attorney to write up the agreement.I just missed one with 4k down at 25k, was pissed. keep checking the marketplace, too, sometime BP members post those kind of deals.

I don't think there is a place where you can just sit and read all things required.  

You are using your IRA funds to ultimately gain a personal benefit (as is your friend) - access to cash that is otherwise unavailable sitting in your IRA.Furthermore - you cannot lend the money to your friend from your IRA, and then have him give you the money personally (outside of his IRA).

We partnered with another investor that has been sitting on these properties.

With my 3-flat I need to increase monthly cash flow as quickly as possible, I can't be sitting on roughly $130/month.

Houses that sit closed up with flooding in the basement for long periods of time can have all kinds of drywall damage and warping subfloors etc.  

This did not sit well with us because we are just two people who are looking to move into a bigger home.

I was sitting outside of an Exxon gas station with $10 to my name (at least until my paycheck came through...