As you mentioned, JV may be a good option as there are people with that kind of money who don't have the time to go fishing for the deal.

Any suggestions on where to buy and best way to go about doing this project ?

I’m staggering my loans this way so I don’t have to go back and forth on which way to go.

Would it be best to go to a small bank or credit union?

Its my understanding that since the property is owned by the IRA, all profits have to go into your IRA.

When the dust settles, you’ve added another rental that’s fully updated and ready to go for a long time, and you haven’t permanently changed your equity position in your existing rentals.

I haven't listened to that particular podcast yet because I am still trying to work my way thru the BP podcasts and still have a ton to go but I would love to learn more about the personal finance and money end of things.

However to go a step further, look to acquire foreclosed properties at a discount, rehab and once a tenant is placed, refinance cash out based on fair market value. 

You didn't disclose what your education level in the note space is so presuming you're just starting out I don't think that's enough time to really get your bearings.I think minimally you need to determine whether you want to go performing or non-performing.

@Dana HarveyWhile I understand your desires the programs you are talking about have strict time limits that need to be adhered to.