I checked with insurance, checked with my loan note, and checked with the county zoning.

So, if your Self Directed IRA is 75% partner with another entity, then it must collect 75% of the profit (rental income, sold gains, etc), it must also contribute 75% of the expenses (rehab, insurance, taxes, etc).I am not sure about loaning to a partner. 

My wife and make a decent living, but have student loans still, other obligations and a small child with one on the way paying day care, etc.

Mortgage with tax & insurance is $1,660.

Regarding your question: The court in the past have looked at these intents:  The agreement between the parties and their conduct in executing its terms; The contributions, if any, that each party makes to the venture;Control over income and capital and the right of each party to make withdrawals;Whether the parties are co-proprietors who share in net profits and have an obligation to share losses;Whether business was conducted in the joint names of the parties;Whether the parties held themselves out as joint venturers; andWhether separate books of account were maintained for the venture.In more complicated cases, the court has ruled what you are expecting, but there were some significant differences. 

.$450/mo paymentAnnual Income: $14,400Taxes (at max) is $2,000/yr.....Insurance is $800/yr.....$1,200/yr reserve for repairsNet income: $5,000/yrShould I go for it?

The COC ROI will be 14.88% and the monthly cash flow will be $535.95 after subtracting for vacancies, repairs, cap ex, taxes, insurance and P & I. 

.$450/mo paymentAnnual Income: $14,400Taxes (at max) is $2,000/yr.....Insurance is $800/yr.....$1,200/yr reserve for repairsNet income: $5,000/yrShould I go for it?

We service several Domestic and International Investors and in doing so we try to insure all of our Clients are satisfied with our service.

Financing, real estate agents, trades people, insurance brokers and lawyers are all professions off the top of my head that you will need at your disposal.