Sounds reasonable to me IF he is actually going to mentor you and be available and spend time pointing you in the right direction.

So please contact your cpa or tax preparer with direct questions. 

I don't know if they will be able to open the line of credit through your property though, for that, maybe try looking up southern WI portfolio lenders, I'm not sure if they could do something like that, but that's what I would try, if anything else, try asking for a sales manager, they should be able to point you in the right direction, they will be pretty use to working with investors and may have the answer to your question. 

what direction is your market taking?

If I have money sitting at self directed IRA + checking account, can I invest in same property (commercial multi family) using both accounts? 

Pay for the materials directly and then for the difference when completed. 

A little bit of digging, this guy, just buys the house, and starts to give me money directly into my bank account.So I decided to steal his money and run.

NEVER assume everything is ok.Here're a few blogs that can point you in the right direction.

I had very detailed directions for the contractor that I HAD to move into the first floor unit by May 1 after closing on the 14th of April.

Seems like that commenter missed the fact that you're talking about Multifamily or is confused about the SBA program - it is only for Owner-Occupied Commercial (like a retail store buying out their own building).Fannie/Freddie could be a fit if you have the right net worth, liquidity, and credit, but as mentioned upline already neither agency likes an out-of-state buyer who doesn't have direct experience/ties to the market they are acquiring in, so likely not an option for commercial loan #1.