As far as they are concerned, the SDIRA is invested in shares of an LLC.

Before crunching the numbers more or even thinking of making an offer, I have a few concerns:  I'm in Austin, that means building a network of contractors, agents, etc. in Dallas that I don't haveI'm busy at work, and am not a full time investor, is it possible to be "hands-off" and still be successful on a first rental like the one I'm considering? 

i would check the property on the county website and see if any contractors filed any NOC that have or were to do any foundation work if you are concerned there might be a sinkhole. 

Have you heard they are leaving?

You'll want to look at indirect things such as "warnings to residents not to leave food scraps in hallways" or "needing to replacing damaged wiring" etc. 

I would leave it alone, or just make early payments till the principal payment is substantial bigger than the interest payment (like 80/20 ratio) and then let it ride.If you refinance (which you can do at any time), what would you do with the cash flow?

You never know what could happen that could destroy the property or even an unauthorized person trespassing and getting injured could still leave you liable.  

If you have a high end rental, you'll have more deposit and tenants will be concerned about having bad credit and won't likely just take off and leave you hanging with repainting. 

If they are family, and they meet your opening standards, you would be wise to communicate with them what the next step would be; rejecting someone on paper for no apparent reason could leave you open to a discrimination claim.

During the closing process my realtor had notified the seller's realtor to give the current tenants notice that they had to leave.