By replacing UBIT with corporate tax, the rate drop is significant enough that the net after-tax ROI to the IRA may still be favorable relative to other passive opportunities the IRA may have access to.This is not a meaningful strategy for the typical $50-$100K IRA, but for someone with the capital to really do a volume of flip transactions, it can be worth exploring.

This is right up your alley.Cap rates do not tell you anything meaningful about a property except the unleveraged returns and risk (lower cap rate = less risk).

It’s appreciated quite a bit and we are now looking to extract cash for more investment before rate increases make a refi or helo/heloc detrimental to cash flow.

A few keys to quickness: Your contractor should be ready to demo the day you close and own the propertyYour lender should be included BEFORE you close on the house so he can make sure the HUD is optimal for extracting all your cashI put the property up for rent about halfway through rehab, once it starts to have the GLOW of opportunity ;) overall it was pretty easy.  

The kitchen would be a gut, but over the 5 years I have never heard her complain about a meaningful problem with the house. 

The facts:-Two properties (one in NC, one in FL)-NC property has VA loan, FL property has FHA-NC property has 0% equity, FL property has 25K in equity (purchase price 100k, appraised 125K)-A VA IRRRL (interest rate reduction refinancing loan) allows the borrower to extract 100% of the appraised value!

Lastly, I've been trying to help an investor who I met on this site learn how to do meaningful web research on foreclosures.

If the partners agree to specially allocate one item (for example, capital gains) 80/20 for economic purposes per SEE safe harbor, the corresponding tax amounts must also be allocated 80/20.However, IRS has a framework that can reallocate the partnership items based on the “ partner's interest in the partnership” if IRS determines the method of sharing the partnership items lacks the “Substantial Economic effect” (SEE) To meet the SEE, there are strict rules to maintain meaningful capital accounts including Deficit Makeup Requirement for those accounts.With the requirement, the partner must at some point contribute sufficient capital to eliminate the deficit, and the partner has the burden of the loss that partnership has and the allocation of the partnership will be respected by the IRS.This is a very high-level summary of the rules and is not comprehensive. there are many exceptions as well.Since the substantial economic effect, safe harbor allocation rules are complex and requires considerable additional recordkeeping, it's easier to follow PIP standard. 

Lastly I am looking forward to building something meaningful and long lasting with my career.

You actively participate if you are involved in meaningful management decisions regarding the rental property.I guess you can still have Management in place and still participate but I'd double check with your accountantthx,Chris