not necessary to do anything. you can if you want and can handle it with a note modification agreement that you can produce yourself ..

Then we can sell it, split the profits (which should be anywhere from $300-$500K depending on how bad this place really is) and I'll take my share of the money and put it down on income producing property that will cover my rent on a new place.

@Nick Ragucci a quick search of the forums should produce all the information you are looking for.

I tend to agree with this statement and have been successful in helping companies identify their profit producing activities and then create systems and processes to make those easier. 

I get to work with an amazing brand to bring our sales tools and commerce into the current atmosphere of e-commerce through innovative business process engineering and technological system builds.

Last I heard, 2017 produced 89,000+ seller financed notes with $7BB+ in UPB. 

On that priority, I'd walk.Personally I feel that these type of investments can produce monthly as well as long term, time will tell if I am right.Please don't take my thoughts anything other than professional critique were I looking at this property.

You think you need money to obtain properties as long term (30yrs+) passive income producing investments.

I plan on interviewing all the local brokers,  it sounds like they will take anyone and everyone,  people who don't produce simply quit.      

If you leave the money in an IRA and choose to invest in an asset such as real estate that produces consistent income (as opposed to speculative appreciation gains common in equities), then you will have the full value of the account to work with.