@Jason HatfieldThe bottom line is that a self directed IRA likely does not benefit you here.You can establish a self directed IRA or 401k and that plan could invest in real estate or private lending (among other things).  

Then within a couple of months I want to establish a conventional bank loan on that property, this is not considered a refinance right?

Once you're established with a lender and they're ready to move forward, run your scenarios by them and ask which option works best.

At 10% equity in the deal, the buyer may establish an equitable interest that you will need to foreclose on with a lease-option, I suggest you take less as an option price. 

@Jose SarabiaAs long as you are generating a FICO score, and a 710 at that, you should not need to establish any new credit to be approved for a mortgage. 

Sections 1101.351(a) and 1101.758 of The Real Estate License Act establish that it is a crime for an unlicensed person to engage in activity for which a real estate license is required.

My proposal is this:I would like to establish an LLC.

 @Matt Hernandez Contact local lenders and establish those relationships.

The worst thing to do is (well, other than gamble it all away or use it on drugs/booze) is to rush into something unprepared.There are lots of ways to invest it:- Stocks, bonds, mutual funds- CDs, high-yield savings accounts (which really aren't that high yield)- REITs- Private lending for flips- Private lending for buy and holds- Do your own buy and holds with a property manager- Partner for flips or buy and hold where you have an equity stakeEtc.

To follow up with the other questions, what criteria did you use to establish your mailing list?