Non-recourse loans required by your IRA tend to be higher in current interest rates in the 5's versus the 4's so often investors do not like the cash on cash returns with the reduced spreads.If you can buy a larger property with the IRA then you get into lenders who have better non-recourse rates but those start about 1.5 million and up.

Since the house "Needs Major Repair," I am not able to get traditional bank financing and thus would need to borrow from a private lender to show proof of funds.

I presume they are hard money lenders, since when I asked they verified that I would only have to pay the interest monthly, and then the bulk in the end.

Hi All,I was hoping I could find out what the current rules are on this from any mortgage lenders or brokers: If I buy a house with lended private money when can I refinance into a lower interest loan and cash out the private money folks?

My company is a buyer and private lender of lower $ ARV SFR properties throughout the U.S.Wishing you continued success.

So far, I think I've run across these recommendations on who should do doc prep:* the title company * a licensed broker * you ( the lender )...grab a DOT/Mortgage and PNote online!

Start up some dialog with a few Hard Money lenders and they may also be able to point you towards some buyers. you may have to get creative to build your list - there is no one right way to do it - there are many ways to connect with investors.

Look into getting an FHA loan, talk to a lender and see what you might be missing to qualify.. might need a little more income or more credit, a good lender will point you in the right direction if you couldn't immediately qualify that is. 

The lender that I have been using has informed me that the condo is not Fannie Mae approved due to the fact that one owner owns more than 10% of the units. 

But I just don't know enough about the op or the market or local lenders to make a recommendation.I see stuff like this and don't know what to think:http://www.loopnet.com/Listing/19685618/1611-Steve...http://www.loopnet.com/Listing/19851952/6606-Lockw...I would think that @Stephen Gantz would benefit from posting an address, neighborhood, or at least a zip code here to let some of the experienced locals chime in.