So, even if it appraises at $145K, they will lend based on the lower of cost or appraised value.So as you can see, this is totally different than selling a flip to a non affiliated party.  

These IRAs, of course, must be held by an IRS-approved third-party administrator. 

@Bellman Tumasang who is the party that is licensed, insured and easier to find?

Colorado has some good ones:1. 100 Year Party Ct., Longmont, CO2. 

Is Las Vegas' market overvalued today if casino/entertainment venues aren't going to open or resume traffic for a year? 

I've been to them and have bid on them for other parties. 

The hardest part is getting started!

The part I don't fully understand is this...

I like having more control over my deals, not having to rely on a relator to show me the homes I want to see, and getting to deal directly with all parties involved.

I would counsel them to do a 5 or 7 year with a balloon at the end (which could be negotiated if both parties agree again into another 5 years of installments), but, anyways.In your shoes, I'd try to negotiate it so you get help and advice and the partner is along for the ride, but give up as little long term free cash flow and - more importantly - equity in the property as possible.