@Scott Trench Thank you for your insights, this will help me adjust and take action. 

The capital gains you would get from selling the property go back into the IRA tax free or tax deferred, depending on if the account was a Traditional or Roth and the only time you would incur taxes is if you took the money out of the qualified retirement account and took it into your personal name as a distribution.I would never own real estate inside of a retirement account.In your situation of transferring a certain percentage of the property itself instead of cash, you would need to pay a bunch of professionals on an annual basisA) $600+ for an appraiserB) $500+ for the title company to transfer ownershipC) $300+ for your accountant to properly adjust your taxable basis for the rental activity reported on your individual tax return.D) You risk your property taxes being reassessedYou also have to properly split each expense Furthermore, since you are not receiving cash, you would need to potentially find alternative methods to find cash to pay your tax liability.Yes, you are correct, depreciation is not needed/used within an IRA.

But Eddie Speed interviewed on the On The Market podcast had some interesting points, specific to insurance. https://www.biggerpockets.com/blog/on-the-market-206

Minor adjustments to paint and decor.

Real estate is still one of the best investment , it is just for everything needs lot of adjustment.

Seems like a risky plan and if there is that much upside on the rent why not just adjust the rent yourself (doesn't need to be immediately if you're that afraid of losing tenants, just do it a little more tactfully, maybe make some small improvements or give them some more time to make it more agreeable) and keep the property?

I think holding on to it for at least another year two to see if the market adjusts makes sense.

And you read the data, and effect price adjustment every 7-days. 

,When you 1031, you carry your adjusted tax basis from the old into the new. 

Couldn't figure out why the cops kept pulling him over for doing 1mph over the speed limit, happened all the time.