We will keep rental properties in an LLC.Tilmon, flipping properties inside of your IRA is considered active business and will result in UBTI taxation.

Land taxation should replace all other forms of state taxation.

The default form of LLC in LA is a "pass through entity" and all of the taxation and tax benefits pass through the LLC to you personally.  

Unlike an IRA, however, a 401k is not subject to UDFI taxation on debt-financed income.

I would see a CPA about selling it and what your taxation would be on the proceedsIf you owned it over 12 months then your taxation would be lowerSelling on land contract at 10% down or more might be a good ideaThere is a law in Ohio that says if the vendee buyer has less than 20% in the land contract and under five years in the ontract, and buyer defaults, you can evict verses foreclose.

The ROTH is an excellent way to delay taxation on gains.

I would like to understand the ins and outs of taxation based on my particular plan. 

@Sandy UhlmannYes, the IRA can purchase a home, have it repaired, and resell the home at a profit.Do check with your IRA provider (and tax advisor) next week and ensure that you get a good explanation of the rules and exposure to UBTI taxation that such an activity can create.You or a disqualified party to the IRA may not do any work on the property.Flipping is a dealer activity viewed as a trade or business.  

I'm not an accountant but I've studied partnership taxation.  

It will also be subject to taxation on the financed part of the transaction.