BTW: FL statutes state that a contract without valid consideration is voidable.

Any buyer can walk in behind one of these frauds, make an honest offer, put down substantial consideration, and kick the unlicensed broker to the curb.From the statute:All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserve

The rehab is funded 100% as an escrow holdback and is paid out in draws  Use that money for say 6 months when the seasoning period is up and then go to your community bank to get your permanent financing.  

Taking both of these responses into consideration, are you allowed to use equity in an IRA held asset as collateral for a private loan?  

Here is from FL statues 475.43"All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserve"I will welcome the day when all the frauds and game players are mostly out of business.

Here is a link to the code that reads as such: IN CODE Section 25-34.1-3-2.(3) section 11 of this chapter;no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license.- See more at: http://codes.findlaw.com/in/title-25-professions-a...Here is a link to all Indiana codes for anyone interested: Indiana Real Estate Commission Laws and Regulations.With that being said, if you're considering a manager/management company here in Indianapolis, you can check to see if they are licensed here: Indiana Professional Licensing Agency.From the IPLA site, you can search both an Organization or an Individual.  

Hiccups in the processes and inspections required for each draw with our lender took forever.  

Your contractor will need to draw up a scope of repairs and/or drawings for use of the loan $$, which should essentially be standard bidding process. 

I would also add taking into consideration how recently updates have been made. 

Working with a local lender I'm completing the process of doing a cash-out refinance where they pay off the balance of the original 2012 loan and then give me cash on the difference between what is owed on that loan and the current appraisal - minus 20% equity to remain in the property.  4.75% 30-yr fixed.I'll be able to draw over $200K in capital that I'll immediately then roll into a large self-storage facility purchase (with a partner) as my half of that down payment.