Hello Everyone,  My name is Brian and this is my first post.I am located in central Jersey (Monroe area) and have been doing a lot of reading of recommended books and listening to the podcasts from BiggerPockets to get myself in the door as an investor and gain as much knowledge as I can before taking the dive. 

Some people are just not ready to dive in head first and that is okay. 

You haven't actually done anything so I don't know you to be a fool (& asking a question like this before diving in is certainly not the mark of a fool), but doing what you propose would certainly appear at first glance to be foolish. 

Okay, so I think I have been lurking on these forums long enough. I'm a senior manager and I've been in the IT field for over 20 years and although I have a passion for what I do I'm looking for some passive income so...

It's just not.If you truly found a killer deal, I'd dig in deeper to see if it really is. 

I’ve spent enough time dwelling on the idea and I’ve finally decided to dive head first!

@Justin Windham thanks justin, didn’t know bp offered so much, i’ll definitely have to dive deeper into the site. this community has definitely been so welcoming

I have been diving into books and podcasts over the last six months or so.

North Lawndale is not one of them.During the last crash, the "improving" areas of Bronzeville and East Garfield Park took a dive in values. 

The IRA should still very much see the benefits of leverage and a higher cash-on-cash return.So, if the deal is 70% debt-financed and the IRA is a 50/50 partner, then 70% of the IRA's 50% cut of income (and deductions) will be considered relative to UDFI.Get with your CPA to dive into the details and understand what recordkeeping and filing requirements your IRA will have.The concept of such a deal works.