If the IRA is to be a direct partner in the project, a traditional bank will want all parties and/or members to sign personally.

You will still want someone to draft the note so that it protects all parties.  

Part of these details are outlined in this post and by Ben, the other part is that different price points will require the rule to be adjusted as one deal meeting the 1.5% rule may have the exact same cash flow as another meeting the 2% rule and that may be due to a number of different factors.Lastly, there has been some argument and discussion on classing properties.

Also after I get my contract filled out by both parties (seller and myself) when is it legally binding?

Looking at a foreclosure auction today in FLORIDA in which the judgment was 30k, same as plaintiff max bid, and it went to a third party bidder for 85k. 

In case it impacts the analysis, one of the listing agents is using a third-party company to assist with all the paperwork and negotiation involved in the short sale.

The frustrating part is that this happened the night before the carpet was going in, so they didn't even try to be patient and wait for the next night.

Get a new investor and it is a turn off using something like Google's voice mail, which says, please state your name and Google voice will try to locate your party, which is very unprofessional.

If I get 3 applications during one open house, I don't like to take money from all parties.

They do get a little "pitch heavy" on some of the paid trainings, but that part is pretty short and the networking alone is worth filtering it out.