Total newbie here looking to get involved.

@Cody Qurollo, you bet!

Having the FTC involved would likely result in the finance company returning correspondence to the neighbor.  

Looking to network and learn everything I can about rentals within the Twin Cities area. What are the details? Let's network

I have been involved in a number of flips and own property there, and can say that even in the past year there have been massive positive developments there. 

16%+.I don’t know why you would get involved with gap funding where this risk is incredibly high and the brain damage is greater...this is a fast oversimplification but you get the picture i hope. 

The most conservative investors will opt to pay off their debts asap with the belief it is a safer bet. 

In that case, a big umbrella policy might be your best bet in the short term until you have more to protect. 

5-7% yes 5-7 thousand probably isn't enough to do much with especially if you want to be involved in rentals.

Now that you own this property, the IRA may never be involved in the transaction.