What I would want to do in that situation would be take the performing asset to the local bank, get a 6% interest loan with a 15-20 year amortization, and then go to private money/HML for the rehab project, then refinance it when it's producing. 

As I am moving along in my education on RE I am starting to see a major need to track local market performance.

Unless you are very well funded this whole process will be pretty hard, especially if you are looking to do this on a consistent bases.In todays environment, you really need to figure out how to go directly to the owners of dears. 

Pay to perform is the way it should be.

@Christopher DeitzI live in LA, I think master leases are a great idea, shoot for $500 a month positive, use a performance lease, owner gets paid when Rei gets paid

Finance is not real estate that most take lightly, while underwriting guidelines exist now for seller financing there is also a side that RMLOs probably aren't aware of, that is looking into the future as to the probability of a borrower performing  as  expected, obtaining other financing, secondary market underwriting is easy, predicting the future takes more skill and experience.Good luck :) 

If you can find legit buyers that will be consistent I would challenge that goal to 5 to 7 that month. 

This is true whether the IRA is a Roth or Traditional IRA, though of course the tax dynamics of each are different.The advantage of a Roth over a Traditional IRA comes with how long you will use the IRA before taking distributions and how the IRA performs.  

Land a great job with your college performance and you'll be able to have the best of both worlds in a few years.Sincerely,Chagrined college grad (2.74 GPA) who wishes he'd applied himself better.

I stumbled across a parcel of land that seemed to have potential, and I performed the requisite preliminary market demand and economic feasibility analysis.