There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

The requirements describe match those in the zoning regulations. 

I am excited with the new regulations.

Investing is risk, knowing what you are risking and assessing if the return is appropriate to the risk you are taking is crucial. 

The more appropriate question is, "Will a property in a tax-deferred IRA help you protect and grow that IRA better than investing the IRA in something else like stocks or funds?".   

This will give you guidelines during your selection process, so you do not discriminate and screen tenants appropriately. 

Forced equity and cash flow vary quite a bit by the deal, but Idaho is the most landlord friendly state in the country- the state actually just passed a law making it illegal for cities to regulate rent rates or fees in any way. 

Your CPA should be able to guide you how to categorize all your expenses so that you can do it correctly yourself.https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#:~:text=The%20de%20minimis%20safe%20harbor%20election%20eliminates%20the%20burden%20of,is%20properly%20deductible%20or%20capitalizable.

The regulations need to be taken into account but finding a good deal in these markets is easier than most.

Purchase price: $85,000 Cash invested: $150,000 Contributors: Hannah Holland BRRRR in a small pocket of SFHs that is surrounded by commercial near downtown, therefore our lot is zoned commercial, not ideal for pulling out as much cash as possible, BUT due to Weatherford STR regulations, I am now eligible to STR this "commercial" property.