I would recommend you move forward and take action with a very small flip, such as a cheap house that just needs some paint and carpet. 

Long story short, evicted the tenant, put on a new roof, painted the walls, replaced carpeting, added a 1/2 bath, got a new amazing tenant in place (they have since finished the basement, added security alarms, painted walls, added cabinetry... all on their own dime) paying $850 a month.Fast-forward again to last year.

Facts:$757k purchase price$752k total debt, $260k of which is past-due debt$925k ARV, only needs paint & carpetGross profit, before the costs of financing, is expected to be $90-$100k.  

So, I've done a bunch of different kind of fixer-uppers that required NO carpet and paint.  

Here is some price information from our event (geographical areas may differ in pricing):"Database price for labor to hang ½” taped, floated, and ready for paint $1.06/SFHeavy Texture, ready for paint 1.22/SFSmooth Wall finish 1.55/SFReady for Texture .90/SFUnfinished, hung only .54/SF"There is normally a 10 to 15% increase in labor prices the insurance companies give you in a disaster. 

In older houses you have to be weary of lead paint, asbestos, knob and tube wiring and plumbing!

@richbaer as in no lead paint?

Paint over it, drywall over it, cover it.

Painting standards?

So if your IRA/LLC owns a rental property and you want to save a few bucks by painting it yourself, that is a prohibited transaction and the IRS could void the entire IRA (not just the part in the LLC).