@Andrew CushmanThank you very much for your lengthy and valuable reply!

@Madhur Dhawan if it could be done, Wall Street would be doing it to scale, slicing and dicing traunches and more.Since the PhD experts working on Wall Street can'tmake it work, anyone else offering it is extremely high risk- think junk bonds.

In theory this should not be good news because then Fed would have reason to keep the interest rate for longer, but market doesn't care, bond is rallying. 

.#2 Currently bond market is at -5 Std Dev, meaning the ultimate low for bond is here.

If you were a strict investor, you would have a higher interest rate and would have to put 15% down on a condo.We have some amazing first time Home Buyer programs in Oregon Bond (has an option for a below market interest rate, or money for closing costs), Flex up to 5% for down payment or closing costs.

What makes a self-directed IRA custodian different is that they are not purely connected to the public exchanges and limited to investing in stocks, bonds and funds, but rather have the staff training and paperwork to document the IRA's investment in the more individualized transactions that occur when investing in real estate, notes and other non-traditional assets.

With that I would invest in liquid assets such as stocks, bonds, or notes.

I cover everything in a semi lengthy poilcy/rules section. 

The 203k lender controls the process, calls the shots, and manages the paperwork, funds the loan, selects the 203k Consultant, etc.Contractor - any licensed, bonded, insured contractor is allowed to do the work, but that doesn't mean they know the different versions of the 203k , familiar with the unique 203k paperwork, processes, timelines, compensation structure, nuances, etc.

It seems like the equity may be better suited in another investment (syndication, bond, stocks) than a property without negative cash flow.