rental property deal. yes or no?

[Anthony Arnt]

Hi, Newbie here. A deal has come up from a brokerage firm. Home is Cash $110000, their estimated CMA is $155000. Has a month to month tenant paying $1075 in rent. They say needs cosmetics only. Good area, nice subdivision. Comps are avg 145K-155K. One of the comps is 2 blocks away. The brokerage estimates $1500 rent, after cosmetic update. Sounds reasonable on the surface. Im considering drawing the cash from retirement savings, they hold 20% for taxes. I then would get a conventional loan to get my cash back out of it. Am I missing anything? What would the tax implications be if I structured it this way and does the deal sound reasonable? Thanks