There are still some new projects that can be worthwhile investing in just have to be careful on how many years are planned to extract the value and strength of the operator.

The advantage of buying this way versus a self directed IRA is that you can avoid all the self directed IRA shortcomings such as You cant directly fix up the place or do any improvements yourselfYou or any relative can’t stay in the place (if it’s a vacation rental, it’s nice to stay there plus it lets you know the quirks/updates that could use your attention that you’d never have realized unless you spent the time there)Also if it appreciates say 300k to 600k, to extract the property out of the IRA you must pay tax on the new appreciated price.Am I missing anything here?

Because of this depreciation, it is important to refinance it soon after rehab if you are keeping it as a rental (BRRRR) so that you extract as much of your original investment as possible.Good luck

On the other hand, is this something a buyer can use a tool to extract a lower price?

Updating old list is going to be GOLD I see a huge need of extracting old data from client systems and building new marketing list.

It makes it real difficult to extract all of the investment. 

I personally feel comfortable if my total LTV is at 75% or lower but in practice I am typically far lower than the 75% due to the cost/effort to extract equity. 

Saving on taxes when extracting the profits is a different subject.

The longer the holding period, the higher the cash flow (assuming no value extracted - My actual cash flow is not as high as it could be because I have extracted a lot of value via refinance from most of my RE).

The simple business model where an owner lives in a big house, extracts value from their employees/1099s, practices multi generational nepotism, and encourages unethical business practices by bidding 30x projects at 400% margin to get that one project from poor ol Betty Sue - this is what needs to change to get more ethical and capable entrants into the trades.Anecdotally I haven't really noticed reduced supply in my market, but we've developed some helpful relationships over time with our go-to plumber, among others.