The price was low in 2014, today that same price is riduculously low, and the buyers in 2014 improved the property tremendously and recently re-sold for $230,000, good for them! 

Ultimately I had a vision for how this particular home could easily be improved and rented for top market without much headache.How did you find this deal and how did you negotiate it?

@Richard NguyenHere are some of the downsides of putting real estate into a self directed IRA or 401k.No tax deductions: You can’t claim deductions for property taxes, mortgage interest, depreciation, repairs, improvements and other property-related expenses.Property expenses: All expenses, repairs, and maintenance costs must be paid with IRA or 401k funds, and you must pay others to do repairs and manage the property.

These are typically located in lesser-known vacation rental markets, but have very strong fundamentals and great room for improvement. 

You will benefit from better rates and lower cost lumber now, so that will help make up for some of the added carry and perhaps the market conditions have even improved? 

You'll also want to consider if each lender provides funding for renovations/improvements.

You need to do renovations, improve the property, and drive up rents.

I bought a multifamily property that was undervalued, so working on renovations and improvements now.

Average maintenance and capital improvement: 350/month (4-5kyr).

Buying quality assets with a larger amount down, making improvements, and paying off debt could get you there relatively quickly.