I worked pre-foreclosures in St Louis for 15 years and there were some houses I just did not want to buy because the value of the house was not worth enough to take the time to do a short sale. 

Your description is substantially at variance with the views of the contractor, i.e., that the ammonia smell was so strong he refused to enter.

A "note" cannot be construed so that the IRA receives a cut of the profits, otherwise this becomes viewed as equity in the deal and now subject to UBIT.Lending may not be as profitable for your IRA as flipping, even with UBIT.  

Just like anything- if you find an angle there are things worth investing in.

hey @Jacob Nunn - like a lot of aspects of the plan - sounds like you have been busy on soaking up all the knowledge.two thoughts from my POV for what it is worth:1 - would be careful on tying up too much cash in the distressed land aspect.  

My property and house are worth about 200k for reference and total the deeded property is worth about 1.2mil.

@Venise Brooks - I don't think this is an option if you're looking to finance rehab costs, but Citibank has a solid program worth taking a look at, too, if you find something that's a little more turnkey:  Citibank HomeRun Mortgage.

They typically want 2 years worth of tax returns (done by a CPA makes life easier), and will want bank statements for all accounts.

They're not exactly illegal, but you subject yourself to steep fines if not done precisely according to the fine print in the law.After reading the fine print, I decided it wasn't worth it for me...at least not in TX.I like and use ARC Law firm in Colleyville.  

Currently looking for my first multifamily deal in the Fort Worth area as well as contractors.