I'm a bit confused here, but let's try to sort the various issues out and we can go from there...It sounds like what you're saying is that you got an option contract to purchase a property from private seller, rehabbed the property and are reselling it to a buyer who is getting an FHA loan (you said FNMA but I'm guessing you meant FHA, right?)

That will give you a chance to organize the business and set some ground rules that you can work with.2. $100k is a fairly good amount, but not too big in real estate.

While you may not care if his shoddy work burns down the house and kills the new owners (or the carbon monoxide does it in a less violent way), the fact that by writing this you're probably opening yourself up to being criminally accountable should be of some concern.If this is really the attitude you're going to take towards the products you resell, might I suggest a new line of business?

Obviously, it's going to be more difficult to resell in a bad area than a good one.

I don't know what organization regulates SDIRA companies... it isn't the FDIC.

If you want it to be a meaningful source of information for people to find you organically over the internet - that's a massive project.

Certainly it would be seen as unfairly siphoning off funds.If they are that confident of their ability to convert to condos and resell, then once they have bought out the one partner, they will have 2/5 of the project and in a great position to capitalize on their experience.

Many people use the terms "simultaneous close" and "double close" interchangeably, though here is the most common differentiation I hear:- Simultaneous close is when you use your end-buyer's funds to fund your purchase, thereby eliminating the need for you to bring any funds to the table;- Double close is when you bring your own funds (or borrow funds) to close the first transaction (where you buy) and then after that transaction is closed (minutes, hours or days later) you resell to the end-buyer.I've never heard of "simultaneous double close" but my guess is that someone is just mixing up the terms above and actually means one of those two things...

Also say we did get it and resell it, do i just pay my broker out of my commision or of the actual profit my LLC makes?

Right now I am using an answering service that takes down basic property information and emails it to me for a call back.The problem is that I work for an IT reseller from 8:30am – 5:30pm and can only call people back at lunch time or after hours/weekends.