You will need to wait for the property to turn to "Investor" as Buyer Type before you can submit bids.

So if im understanding correctly you put what the seller would have seller financed as a down payment and took a 2nd mortgage from the seller after closing? 

I do all of that and more expect for some of the bids a those don’t take long to get and I pretty much know what they are anyways since I do a lot of these.The risk with this is if somehow seller can’t deliver clear Title, then you are out these expenditures but that is rare.Not sure about your area, but here in Los Angeles, I can have all the plans completed and submit to B&S (building and safety) before being on Title but to actually get the project to RTI, I do need to show I am on Title or get notarized approval from seller to submit to City.I typically make my offers with closing dates of 10 Days but I love it when sellers need 30 or 60 Days to close as that saves me holding costs while I do all the plans and City submittal/clearances.

make sure your rent and property tax numbers are correct I dislike calculating verifiable numbers as a percentage of rent so just keep that in mind. 

Like you said, you are putting a tax shelter inside a tax shelter.Use your SDIRA for things like notes and private lending, which don’t have a lot of tax benefits.For holding rental properties outside your IRA, you get to enjoy cash flow today, get better financing, and still pay no tax if you are doing your bookkeeping correctly.

The first step is learning to spell business correctly.

@Justin WindhamYou are correct, I can see how it could be an excellent learning experience, (self educating) and the key would be selecting the right provider, one that is communicative and has the time and experience to provide answers when needed.  

Here's the correct link

The price seems to be about $200k less than anything you could find in San Diego county.I agree with the other comments that you should always go with the worst-case scenario in analyzing the deal (plus the contractor is a better expert for repair costs than your agent, but I would get multiple bids).It doesn't seem like there is enough meat on the bones for this deal. 

I believe I was able to "win" the bidding war for a few reasons:- I had pre-approval of funds ready to go- I pulled the trigger ASAP when I realized it was a deal worth pursuing- I submitted an offer with an Escalation Clause- I submitted my offer with a nice personal touch that was tailored towards the sellerBest of luck!