, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

When the IRA invests in real estate using debt not only does it have to be non-recourse but the IRS says, you can use leverage but since you aren't only using IRA money for this investment the retirement account is going to pay UBIT on the income generated because of the debt. 

I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.

Now, you need to figure out how to find deals and pay for them.

I assume you would have to pay cash, because you have to spend all cash received to avoid taxes.

If you aren't paying cash and are doing owner occupancy you may be able to use FHA instead of Conventional with a higher down payment. 

Their pay-as-you-go model allows flexibility, so you only pay for what you need.

Most lenders require proof of someone else paying the note for around 9-12 months so that the debt isn't counted in their DTI calculation.

I assume the lender pays for it, correct?

., 10-day notice to pay or vacate for nonpayment of rent).