I also didn't realize that it's possible I won't have any taxable gain.

There would likely be a minimal fee paid to the IRA custodian to send the funds as a non-taxable rollover, but otherwise should be straightforward.

Make sure you do a roll over and have the funds sent directly from the current pension plan to the new SDIRA custodian and do not have the check sent to you, this will ensure there is no confusion on whether it was a roll over versus a taxable distribution.We all have moments of discouragement but you have to keep looking for new ways to do what you want to do and that looks different for everyone.  

The reason: The capital gains rate is the maximum rate; it cannot exceed the overall rate paid by a person on taxable income.

Interest Expensed Yes Yes Taxable Income Lower Higher Real Estate Market Volatility Same Risk Same Risk Appreciation of Property Yes Yes Doesn’t it make sense to simply do an IO loan given the following controlled assumptions:Put excess cash flow to work in alt. investment with lower risk.Plan to sell the property in 5-10 years.Am I missing anything, other than who does IO commercial loans?

So you could deduct $4k as a depreciation expense, and only have a net taxable income of $1k.You don't actually spend the $4k, it is only on paper.

.: A 401k plan or an IRA that invests in a business (excluding real estate and venture capital business), assuming that the investment is in a pass-through entity like an LLC (taxed as partnership) or LP, could be subject to Unrelated Business Taxable Income/Loss.

At the end of the year, the LLC reports all sales to the IRS and then distributes a K1 to the investors showing their taxable share of the LLC income regardless of whether an actual distribution is made.

This statement must contain a declaration that you are a qualifying taxpayer for the taxable year and that you are making the election pursuant to section 469(c)(7)(A) [§1.469-9(g)].From Vernon Hoven's The Real Estate Investor's Tax Guide (4th ed) , wording for your statement might be:  "In accordance with §1.146-9(g)(3), the taxpayer clearly states that he (or she) is a qualifying real estate professional under IRC §469(c)(7), and elects under IRC Sec 469(c)(7)(A) to treat all interests to real estate as a single rental real estate activity."

This is a nasty tax, and quickly (after $10K in taxable income) escalated to a 35% tax rate.