I'm anxious to get beyond the discovery phase and get some skin in the game with my first deal. 

They have more skin in the game then you do.Make sure you get clear title.

A few questions...1) Obviously, theres a few more details that go into this scenario...BUT, at surface level, are there any foreseeable issues that I'm not thinking about?

Storm sewer system to storm pond or surface drain approved?

The floor was solid surface, so it could be cleaned. 

If a person doesn't actively have skin in the game, there is ZERO respect for your house.   

Colleague of mine who owns a rental company, has about 2,000 rental properties in Chgo, and earlier this year, he explained to me how he got SCREWED with the moratorium, and wanted to now diversify with our company. 20% rentals to us (over time), because we have more stable and consistent income (not to mention skin in the game), vs getting screwed by his tenants.

@Tamika JohnsonThis very much looks like a scheme to get into running rentals without owning rentals, id est, no skin in the game.

The only skin I will have is putting a $10k reserve for this property.

I'm getting rid of the IRA either way, because my return would be much greater in real estate instead of letting it sit in my IRA...If I'm wrong, don't hesitate to tell me, I have thick skin.