@Eric TomlinI agree about not using an LLC unless you are also looking for liability protection.As far as IRA custodian to use, hands down IRA Services Trust Company as they have been in business since 1978 so have had decades to be tested by regulators whereas many others have maybe been in business much less.

If you are interested in rentals take the time now, while learning how to invest, to access and study your state landlord tenant regulations.

You will need to research your state regulations.

Another concern I have is short term rental regulation (possibly?)

If you become a Salesperson, you will have access to the MLS and be able to receive commissions from buying/selling your own properties but just know that there are a lot of disclosure regulations that need to followed once you become licensed.  

In addition to Troy; municipal zoning regulations and cap rate

My reading of the rules and regulations led me to believe that the government is trying to force ground rents out of the picture. 

I do not know the specific regulations/laws in West Virginia, but many places require you be licensed.

@Sharath Kumar the pop corn ceilings could be a major problem along with any texture on the walls if they are asbestos or lead containing. there is no way to do it your self in Colorado both the removal of asbestos and lead are highly regulated by the Colorado dept of public health's air pollution division, it would be really dangerous to attempt to do this type of friable removal in an apt building because of the shared air systems used in the 1970's you could  contaminate the entire building with asbestos fibers or lead dust.

I reminded the CU that Regulation B §1002.14 applies in this case and now my LO is requesting permission to release the evaluation to me.That said, I've never heard of a "liquidation value" appraisal being used for a purchase money transaction.