And Randy is correct, you can't use your IRA funds in the connection with your own (or your LLC) investments, all transactions involving your IRA must be 'arms length'. 

Many agents list undermarket to spur a bidding war.. many props will have 10 to 20 offers on themI just sold a little dinger Yesterday in Salem oregon  4 offers in 24 hours... and thats a starter house 200k which is about as cheap as a renovated home goes for.I sold one Friday in Sacramento it had 3 offers.. and we were able to remove the FHA lender clause and force them to conventional.. so we did not have the flipping time lines to worry about.so its market driven for sure.

Perhaps engaging with one that does evictions that can give some input since it "may" lead up to an eviction, if you have to, you will have been ahead of the curve in being armed with the right information.

Andrew Lapham You technically only need to season for 6 months before you pull cash out although a common overlay that many lenders have is that they want to see 12 months of payments on a private mortgage.If you're going to be forcing a lot of equity through renovations, it would be a good idea to hang on to all of your receipts and invoices for a couple of reasons. #1 It might be helpful to have those invoices to justify a steep climb in appraised value from purchase to when you refinance over a relatively short time period.

I am working up a loan now and its a 5/1 ARM.

You can just politely tell the tenant "no" and that you don't modify a lease once it's in force.

With a heavy-handed new law that is the first of its kind in the nation, Seattle has set its regulatory crosshairs on landlords, attempting to police their inner thoughts and eliminate the possibility that their decisions could be motivated by "implicit" or unintended bias.Known as the "first in time" rule, the mandate forces landlords to rent to the first qualified applicant, rather than choosing the best fit from among prospective tenants.Sponsors contended that this unprecedented restriction is needed because traditional anti-discrimination laws do not protect against unconscious prejudices.

Not only would you payoff your first loan, get all your cash out, but, make an additional profit of $9,500 (Forced equity).

We bought it while prices were still recovering from the bubble burst and the sale price is more just due to that, we didn't force any appreciation.

@Brian Salinas- when you find a good deal there is always a way to finance the project - even with poor credit and no money in the bank account - but the finance costs are VERY expensive - --- so you need to be searching for a great deal to offset the loan costs -- as others have said, this isn't a great deal - it isn't even a good deal there is barely any money to be made if everything goes exactly according to your rehab numbers - my advice--- pass this deal up and work hard at your job (or jobs) and save, save, save - live below your means and pile up the cash - keep your eye on the goal line and keep your eyes open for really great deals- read all you can, talk about real estate every chance you can with people who know their stuff - before you know it you will be ready to go, but it is risky to try to force a deal in your current situation - if you think you are broke now, what happens when your deal is a $20,000 loser rather than a $20,000 winner?