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. 

A local CPA I know is extensively experienced with income property underwriting and taxation issues.

Depending on the state you have a variety of different laws that govern the purchase/sale of mortgage notes, as well as the foreclosure laws and timelines required if you are unsuccessful at working out a deal with the current homeowner.The taxation is highly dependent upon the structure of your deal.