What he meant was that it was zoned as a 4 bedroom, not a 5 bedroom and we would have to get a zoning permits to change it - which the bank might have issue with or could be difficult to obtain.

@Charles EnmanWhen I said your IRA may not engage in ANY transaction involving this property, I meant ANY transaction.  

As you said, it is different for each specific location, but it's still a "rule of thumb" that is meant exactly as that."

Market value is fluid and a guide not a rule.

If you refinance and pull money out, you will never get them paid off and be able to make the BIG cash flow that they are meant to have.

By control, I meant own or have mortgages, not syndication(although I can dream of one day).

Nathan, no disrespect meant! 

If you meant you're living in 1/3 units, profiting $300, and still keeping your job that's different.. but it sounds like you want to buy an investment and live elsewhere.  

I also attend the group Samson mentions, and the RPOA is meant to be more focused for buy and hold property owners.

With the others, I would put in the number (arrears) which meant that we all knew the house was in pre-foreclosure without having to use that nasty, emotional word.I would then ask if a sale date had been set.