So now that the property has been foreclosed and it is bank owned, you should be looking to see when it gets listed on the MLS if you still want to pursue this specific property.

My goal was to maximize profits on the deal without pissing anyone off.

Offering your contract at public auction, in my opinion is a great way to gererate interest and to expose the property.As a professional auctioneer - depending on what price you are in for and what you will accept as a net-equity profit - I would suggest a reserve public auction (you'll have more participants if you do an absolute auction).Not all auctioneers are good at marketing real estate - you'll need to interview them - you'll need to know the following:how much advertising money do they want up front to market the property, commission, time frame, how many real estate deals have they done, are they honest, will they do an assignment, are they respected in the community, where will they market your deal, get references, are they authorized to conduct real estate auctions?

Timing to sell that may not be as profitable or have nearly as much investment advantage.

After a few deals when you know what youre doing, you will appreciate his help but will want 100% profits so dont get bound up in something you cant get out of (like signing your life away in a contract).

While we may not report to the agencies, we will pursue the house we underwrote should you stop paying us to make payments on your primary.

After everything, profits will be about 300,000 if I'm lucky. 3.

But to start with it gives you some numbers to plug in to see if this is a property you want to pursue.

That is the requirement if you want to sell and take the first $250K ($500K if married) of profit tax free. 

If you pursue this partnering with your IRA understand that at a minimum: any loans need to be non recourse.