I have an opportunity to partner into a deal to develop a 4+ acre apartment complex in a great location. 

I am trying to use mortgage-conventional loan to purchase a condo investment in a high ratio of non-owner occupancy condo complex in Orlando. 

https://www.geekwire.com/2018/ready-not-tech-boom-brings-complex-changes-pittsburghs-real-estate-market/This is a really good article on the tech boom landing in the area. 

Here is my (complex) scenario.

It's a complex and multifaceted art/science that has to be considered as a whole that took me almost 2 years to learn it from Harvard ( not a snobbish name drop, just a fact.)

Due to complexity and potential liability to the employer, it is not generally done in larger plans with multiple employees.You can, if you choose, move the prior employer plan funds to such a self-directed IRA. 

The same sf in an apartment may be worth more to someone who wants the amenities of a complex, but worth less to someone who wants a yard and other features of a detached SF home.

In the last few years, large apartment complexes have been sprouting up left and right. 

A complex right next door may have different qualification issues (owner-occupant percentage, reserves, lawsuits, etc.). 

Originally purchased as a package with another unit in the same complex.