You also need to factor in other expenses like repairs & maintenance and capital expenses like replacing roofs and ACs, etc.  

I have home equity that I could use to get going, however it would be a stretch to handle both the acquisition and repairs of a property.   

My understanding is, no, you may not make repairs or upgrades to property held in your SDIRA yourself.

I intend to qualify as a REP as I have no W2 income and handling the purchasing and managing of my investment is technically my job now (i do have a handyman as I do not live in the state where my property is, I do all things related to the property other than on site repairs). 

I’m about to roll over a 401(k) to a SDIRA and I’m wanting to use funds to renovate a rental property that I already own that is in dire need of repair before I can rent it again.

There have been a few times that has saved me with people ending their contract early, or minor repairs that they didn't want to pay for etc.

The tenant wants all kinds of repairs and upgrades, the investor would probably prefer to pay for none of that.

You'll also need to learn about marketing, property values, repair costs, property management, etc. 

I would agree with the earlier post to make it clear that you can only accept deposit as rent if there are no repairs or cleaning needed after she's moved out, but I have a feeling that waiving a deposit is also waiving your right to seek any reimbursement for any expenses after move out. 

The cost to repair it is close to the net annual income.