I am in Ontario Canada, but looking to explore the Ohio market due to its proximity to Toronto and very attractive cap rates. 

I do have preferences ie close to beach/lake, no state tax (limited but if possible). 2.

They analyze components such as cash flow, principal paydown, appreciation (both home and renovation), initial equity, depreciation, and interest deductions for tax savings, giving you a clear picture of individual gains and ROI over 30 years.

The other thing to consider is the age and if you add a second floor will the entire structure need to be brought up to code for hurricane and wind.I live in a neighborhood where the homes are older (not in florida) and the foundations are hollow core CMU and adding a second floor would not be feasible due to soil bearing.

Chris...The property is paid off...currently sitting empty...with needed minor repairs.Trying to deferr Capital Gains Tax liability until my earned income is lower in retirement.Would this change your mind?

Ask the title company or closing attorney.I would think that trying to move the ownership out of the inherited IRA or change the deed might be considered liquidating the IRA and trigger taxes.

@Kent Ford Before investing in any area of Texas I would analyze the last 3-4 years of property tax bills.

The tax savings will be around $8,100 per year or $680 per month at a 20% tax bracket.

They're spending tax-payer money, so they'll cut a check without batting an eye.Document condition before and after with photos, inspect regularly, and you should be fine.

I tried getting heloc from my large bank, However I was denied due to my income. if you can't get the credit lines for some reason from your bank then they have resources for that, even their own cpa you can use for a fee.