I have been to the legislature and city council meetings to testify against the so-called ‘tenant protections’ that are damaging rental opportunities for marginal tenants.There is no “right answer” for you, but here are a few considerations.1.

However, upon further consideration i'm not clear which is a better investment. 

Terms on these property types have fallen considerably in the pst 1-2 months where earlier in the summer interest rates would have been above 7%-8%. 

Having family there and a pretty good market, time to pull the trigger. 

That comes when you've started looking at properties you could actually buy and you start over analyzing because you're afraid to pull the trigger.I experienced this in a different fashion when we bought a property and we were gutting our first kitchen and I didn't want to pull the trigger because I was a little afraid of just ripping everything out and what would actually happen.

I don't love it, but if I could make a 20% cash on cash return (or the return of your liking), I'd pull the trigger.

Hey Art, When investing in real estate within a Self-Directed IRA, using leverage can trigger Unrelated Debt-Financed Income (UDFI), which may lead to Unrelated Business Income Tax (UBIT) on the portion of income derived from the leveraged percentage.

Thank you,Nirav Since you already pulled the trigger...and are a limited partner...this means you have the benefits of that (i.e. no liability beyond your investment) in exchange for generally having no ability to vote or have a say in how the investment is managed. 

There also might be other legal/insurance considerations you want to factor in as others have pointed out.

It’s great that you're exploring private equity as an alternative to traditional lending due to your religious considerations.