Additionally, I'll continue to build equity in the other home with a renter.Now, I may be able to make $10,000 if I sold the home but it just seems as if building the equity would be a better option. 

The owner doesn't need to show alot of additional income for tax purposes but wants to sell the house.  

When you do a 1031 exchange you carry whatever basis you have left in the building you haven’t depreciated and add it to the amount MORE the new building is worth.

Additionally, you are then able to fix the problem without involving engineers and other costly expenses -- when a decent contractor could've remedied the foundation issue. 

I'm looking to convert my IRA (just rolled over my employer 401k) into a self directed IRA so that I can invest in real estate through that vehicle. 

Duplex, triplex, quadplex: Another option is to purchase a multi-unit property, such as a duplex, triplex, or quadplex, and rent out the additional units. 

And is this renter is gainfully employed, or on some type of rental assistance?

Insert a rollover clause for an additional year in case you need a bit more time to get financing.The lease should not mention the option, and the option should not mention the lease--if things go sideways, you'll be able to part ways with fewer complications.  

Still, the bill still doesn’t allow landlords “to refuse to rent to a tenant solely because of prior evictions or alleged damages” or “solely because of prior convictions or arrests” without “reference to additional information provided.” ... 

Additionally, having long-term goals like apartment syndication demonstrates drive and vision.There are various phases involved in getting started in real estate.