You can invest it in real estate, stocks etc. my cup of tea is investing in mortgage notes where I know a lot of passive investors use their IRA to invest because it is mailbox money when your buying performing notes and typically they have plenty of equity and provide double digit returns

One that performs better than any other comparison company.

I am buying at sheriff auction. There is a deal coming up in which Wells Fargo is the plaintiff and there are two defendants, the homeowner and US Bank N.A. I want to know if is at all possible to purchase the "second...

Then it becomes a non performance issue because they may have gotten themselves in a contract and the seller feels misled.

How do multifamiily perform? 

I would also look at ways to stagger the lease maturities so they are not all turning over the same year.I would want to try and secure these tenants for 10-20 years if I am building a new facility for them.

My goal is to have every one feel secure in the partnership while also avoiding any unnecessary fees like legal, if possible.

How is your student rental performing so far?

(this is not very likely because of your lack of experience and high LTV) This lender would be in a 2nd lien position and not very secure if you fail. 

I should have funding secured for the area I'm looking at in the LA area.