Their people are ill-equipped to deal with real estate or private lending, and you will not have the professional support needed.If you do not mind being overwhelmed, here is the (very long) BP list of SDIRA custodians.

They are fairly common once you have built up enough equity.One tax issue that you may want to be aware of (if the commercial property is in an entity like an LLC) is the debt-financed distribution rules. 

Right now the city of St Louis is in support of it but in the county the rules vary with each municipality.

There are plenty of rules and regs for the 1031, but no limit on how many of these tax-free exchanges you can do during your lifetime, so this process of having tenants pay off a property, exchanging into something else with a 1031 and expanding your portfolio can go on until he has the income he wants.

Whats a general rule of thumb when it comes to buying properties bit further out from where you live? 

Just like a reverse exchange but instead of the QI purchasing the new property and holding it until your construction was complete we lease your property from you on a 30 + year lease and improve the property and 1031 by purchasing the leasehold from us.There was a private letter ruling that indicated this was ok a few years ago but recently some new clarifications seem to put it in jeopardy.  

My question is this, if I am applying for a FHA loan, is there any FHA or HUD rule that states that I cannot move into the property and rent it until it finally closes.

With this system I am able to setup rules that will shut off AC if doors or windows are left open for an extended period of time.  

The market dictates that a rehabbed house of this size can get $1100/mo (hits the 1% rule after rehab). 

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.