To whom this may concern, I am an investor looking to buy my second property.

@Bennie Smith there's two parts to that:1) We take on properties all the time and do a TakeOver Evaluation Video that we share with the owner.- Many of them have no clue of the actual condition of their properties and a decent percentage want to then sell.2) We have owners we terminate, that don't want to spend a penny maintaining their properties.

The proud property owner/Investor would make a little bit of a difference as they go alone.

And if houses are showing an owner having been there for 10+ years when that owner actually sold 8 months ago, then I might market to a completely unqualified lead. 

I would get a slab/foundation company out there to take a look at the property and see what the quote is to repair it.

Majority of the time rental properties are not something that will have an immediate return, putting lots of cash in your pocket.

You are definitely going to want to get a lawyer and as soon as possible.This will sound harsh.In your story, you have made a number of very poor decisions about how you purchased and managed this property. 

You can't take any deduction on your tax return or claim any depreciation on a property owned by the IRA, just like you can't take deduction or depreciation on a property I own.

For example the BRRRR strategy worked with many properties 10 years ago when the average mortgage was cheaper than the average rent.

Quote from @Dawn Harris: We have a STR managed by a property management company.