My gross income is a bit less than $7k (and I'm renting near top of market rates) with minimal repairs ($2k/y), but...1.

Focus on building a strong local team, researching neighborhoods thoroughly, and considering turnkey properties if you're new to minimize risks.Good luck!

I own a fully paid-off home valued at around $275,000, but that's all I have. my credit is poor, and I’ve had minimal income over the past couple of years, which doesn’t reflect much creditworthiness.

I want to minimize my taxable income for the year.

Repairing to sell might recoup some costs, but given the market and your limited funds, selling “as-is” is likely the best option to minimize further losses.

But I think one of the best ways to use an IRA to buy real estate while minimizing fees is to partner with others so that you don't need any loan at all. another way I'm considering using my IRA for smaller initial investments is to invest in syndications like spark rental, where you can invest as little as $5,000 for each transaction.

The loan is 12 months, pulls twice a month, the interest is minimal because I'm paying it off so fast. 

Cash invested: $80,000 Acquired this property Sub-to as a quick flip with minimal repairs required.

Having engineers complete and back your study goes along away and minimizes errors. 

With the newer 5% down conventional loan for owner-occupied multifamily option, I generally advise people to start analyzing from there if they want to house hack a multifamily with minimal down.