I would advise running your rents conservatively and vet property managers properly before signing anything.

I can tell from your questions that you are in a bit over your head and before you make an incorrect decision you should STRONGLY consider a consultation with someone.

And with that again, nail hit squarely on the head. 

Additionally if you're running an active business in the IRA the income will have to pay UBIT.   

I have always had an interest in flipping houses because I get really excited to see run-down houses, walk through them, and come up with a design plan.

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

Now, I run a PM company.

At the end of the day if you run your numbers and analyze like 10 properties a day, and every single day scour the internet for anything new, you will eventually find something that works and know it almost immediately.

The list is pretty endless.Have you run into any of these issues?

if you pick a specific property and run the numbers maybe it will help.