Self-directed IRAIf you are self-employed with no full-time w-2 employees, you can set up a Solo 401k & rollover funds from a non-Roth IRA as a tax-free direct rollover and then invest in real estate.A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation:Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

This applies not only to being able to get cash when you need it through HELOC's, hard money lending, investor funding or other methods; but also to making sure you are prepared with the right contacts when opportunities present themselves.

Edit: I just read your response and I don't think my comment applies anymore.

@Rose WhiteThe down payment secures the property and is applied to the purchase price.

The applicant applied as soon as he left pretty much, and was very good at getting back to via text promptly and showing me bank statements.

Please keep in mind that the BA is very different than "California", so don't take general CA data and apply it to this local economy. 

This differs from an investment mortgage where they'll count 75% of an appraised long-term rent on the short-term rental as income - even when you go to apply for another mortgage later.  

9 states in the Union that do not allow you to separate spousal debt when applying for a loan.

Another way to look at it is to see how long it would take to pay off the loan if you refinanced and applied your savings to the loan. 

I applied to other banks also.