This strategy was very, and still is popular in hot Markets like Texas and Florida for Example. 

For example the 70% rule for fixer upper properties.

Sometimes (as an example) you will say, "I will deed the property back to you for $5,000" and the taxpayer will say, "I'm not going to pay you $5,000, I happen to know I can redeem for what you paid the state plus a little extra interest." 

For example, you can say "Rent includes up to $150 in utility use.

For example if you know the property will appraise for 200k and the bank will give you  80% LTV, then you could refinance 160k. 

For example, you'll want to see that they're approved for 3 bedrooms if you're renting out a 3 bedroom property.If the voucher looks good, and it's an applicant you think you might be interested in renting to, then you'd have them fill out an application and you'd screen them like any other applicant.   

I fell into it and I'm a prime example of how a fool can get lucky. 

@Chad Urbshott's example is a good one.

For example my triplex is in SF5000 zoning but was built when that area was LDT zoned,   and is grandfathered legal for that reason.

However, the land can be owned by the self-directed IRA and then rented to a third-party provided it is not your parents or theirs children, for example.