I think in your specific example your wife may need to do some further research to understand the state of the market (where I live you have 24/48 hours to make an offer although it's cooling down).

Though it also takes time so you need o understand that trade off. 

This is just the beginning of my research and I understand a lot needs to be looked into/evaluated prior to purchasing the land. 

I would love to understand this situation more, if anyone can help. 

@Jerry ThompsonHere are some of the key items to understand when investing IRA funds in real estate.Determine whether you will invest the IRA(s) directly in real estate, or if you will pool your IRA funds in an LLC which would then own the real estate. 

This particular company handles the purchase (my money), rehab, tenant screening, property management and I understand they charge 10% of the rent.

As long you don't sell or refinance before "B" is pay off you are fine.I don't understand what you mean by "what if you want the partnership to be limited."    

I do understand it is a business and I do agree. 

Not an expert but here is my take:As I understand it, FHA is meant for owner-occupied properties.

I'm concerned more about other implications... taxes, etc. but I really don't understand much at all.