An LLC creates a legal separation between you and the property, so if something goes wrong—like a lawsuit or debts related to the property—your personal savings, home, and other assets are shielded.

Leverage in an IRA will produce Unrelated Debt Financed Income (UDFI), subject to Unrelated Business Income Tax (UBIT).There are plenty of investment options to deploy your IRA funds, but again, using your IRA in connection with this transaction will disqualify your IRA. 

The tax debt was about $7k on the property. 

Is the 5 property ceiling (estimate, of course) because of debt to income ratio?

5x is a bit much to assume.Did your PMC pull credit on cosigner to figure out their debt load?

This campus hosts a large Magnolia home goods store, high end furniture store, cupcake bakery, coffee shop, gardening shop, live music concert venue, large grass area with toys and balls for kids to play with, an open plaza with eight food trucks, a small baseball field (that Babe Ruth once played on and families can now play on for fun), a restored historic chapel (the oldest chapel in Central Texas), and six boutique shops with men, women, and children's products.

This is even true for student debt.I recommend the old-school, proven technique of paying off all debt.

Maybe they know the owners or were able to get the owners to let them see the inside.The process would be significantly improved if there was an expiration time for the owners to become current on the tax debt. 

A builder’s risk policy is also worth exploring, as it can protect the property, materials, and equipment during your restoration work. 

@Muhammad KashifMost debt funds are equity only as they don’t take on leverage and are “cash only” when they acquire / lend on assets