In the unfortunate event someone passes away and the property transfers via probate or a will, that fair market price gets "stepped up" so no taxes are paid.I would check with a CPA, but this is my understanding.

@Jerry Chilimidos I am not a CPA owever my understanding is any loans to your IRA can not be personally guaranteed.

Quote from @Hansen Tong: Hi Everyone looking for a CPA in CA that understands cost segregation, offsetting of w2 income through active short term rental partcipation etc. 

Just understand that there are two sides to these transactions.

I currently broker LIHTC multi-family for a large firm coast to coast and am also interested in MF in the Arizona submarkets as well, and will eventually invest on that scale - I just figure breaking into the state through SFH flips may be a more risk adverse way to understand the pros and cons to phoenix submarkets.

Any recommendations of a good realtor who understands the needs of an out-of-state investor who works the Lorain area of OH would greatly be appreciated.

I am assuming this is in TEXAS (I am editing this as I thought I was in the Austin Fourm, I understand now that you might not be in Texas)  as each state has their own set of laws that property managers must follow.  

Most of the responses show lack of understanding of how it works.

And your net worth will thank you.If you still want to go ahead, you'd be better off buying a house than an apartment because, while the value of the building itself will go to 0, you'll still have the value of the land, bearing in mind that the land might actually lose value too given the depopulation and the yen depreciation.Sorry if I'm pooping a party but make sure you understand what you're getting into (which you're already doing by asking the forum) and then make the decision that's right for you according to your objectives.

I guess Im not really understanding what youre looking for.