Of course - having a w-2 job will never prevent you from setting up an IRA including a self-directed IRA.If yes, how can I fund it?

@Van Lam - I think your plan to finish rehab and then rent them out a higher market rents makes sense to do first.

No sure about that as buyers want to see the finished product and showing them before pictures will often not be well received.That's funny, my wife said the exact same thing about showing them the before pictures. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If we rent the unit at $1,425, I have an estimated monthly cashflow of $302 (rent at $1450, cashflow is $325) I DO include vacancy, repairs, and cap exp in my Box2 Expenses.

Ask around for architects who have build nearby, they know rooftops to dirt finishes.

If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

The minimum sheen I would use for any rental is satin (Very rarely eggshell).Does your rate include cleaning fees?

Include balloon payment after 5 years.

Once you become licensed you subject yourself to all the laws required of licensees, including the requirement of broker supervision.