I recommend learning a bit on how to read the financials, but find yourself a great Accountant to help you analyze the financials and tax returns to make sure things make sense and are proper. 

How is this attempted by other, less informed, tax pros on the return?

If so, your IRA will most likely need to file a 990t tax return annually and pay this tax. 

What I got in return was valuable experience and equity.- check out the BP bookstore and start with 1 book... then move onto the next.

Trying to decide how to maximize my return on this on property with this space legally, knowing what right questions to ask and my options.  

There's nothing left to cover expenses so you better have deep pockets to cover maintenance, admin, turns, etc.If you think you can quickly improve rents to a point that covers your expenses and pads your pocket a bit, then maybe, IF it hits your return threshold.If you're buying cash, then the mortgage is not a factor. 

The idea was if you have 200k you can get one of the properties like Michael shows on his Instagram and target 20-25% cash on cash returns.

Due to personal faith based reason, I prefer to only invest in all cash deals that don't involve traditional financing (so typical passive RE options like syndications, RE funds with fixed returns, REITs etc are not a viable option for me).

The elected DA and his mama were carjacked returning from church. 

Tenants are divorsing and leaving the property and we are now ready to return the deposit.