Always remember to do a math analysis on your selected possible property and try to look at it before you make an offer on the selected property or at least have a clause in the sales contract that will allow you some time (about 15 days) to inspect the property and possibly get out of the deal without much of a penalty that won't hurt you.Just select what is normal for that neighberhood and do not over-rehabilitate.  

The only way to truly know if the house is priced appropriately is to run the nearby sales comps for similar homes (sqFt, features, updates, etc).

You can simply direct the funds into appropriate investments and administer those investments to some degree.Investing IRA funds in real estate can be very productive, and a way for those with experience in real estate to secure better return for their tax sheltered retirement savings.  

However our standard GRAR contract states that the buyer has to list (with appropriate inspection reports) the items they want fixed.

2. and then, how would you screen out the locations to determine the most appropriate one for you?

All you would have to do is find a place that is zoned appropriately and has parking need factors.

Thanks for the input @Steven Hamilton II Thats honestly what I had feared, but I was a late filer filing for my first time so I didn't ask the appropriate questions, and was just in a rush to get them done (not smart!) 

@Aaron Cullen those fees look appropriate.  

Sounds appropriate to me if you can do it that way.

But I have to say, it's rare that I see a home not sell when it's been rehabbed correctly and appropriately for the neighborhood.