While some contractors work on a 1099 basis, I worked as a W-2 for safe harbor reasons (the IRS has vague rules about who is a contractor and who is an employee -- picking the wrong one can get expensive for the parties involved when the IRS disagrees with your choice).I also had to learn how to live on a lumpy income stream as a contractor (if the agency didn't have a project for me to work on [no "billable hours"], I didn't get a paycheck).

All transactions that your IRA engages in must be "arms length" (no personal involvement).

However, I'd bet dollars to doughnuts there are also going to be damages.Generally speaking, tenants who pay their rent on time return their units in a good, clean condition. 

. - 10k or so (varies by state and county with costs)929,100 - 791,000 = 138,100 gross profit before long term capital gains tax of holding for more than 1 year time or deferred taxes if you 1031 exchange into something else.As you can see by the numbers this deal is too thin for all the work involved.

If the mechanicals and plumbing are handy I bet you could finish the basement for $30 per s.f. 

I guess everyone has their own risk threshold but @Luke Slapa might not even be aware of the risks involved.

Matt - thanks for the outline ...as you mention needing  financing  ...definitely get  yourself  pre approved  for whatever hypothetical scenario you want  to use  ...if you already have done this - great ...if you haven't yet done this - get it done before you begin looking  seriously  …….by doing this you will become more familiar with the  figures  involved and the  process plus you will be able to insure your financing is viable and available should you find a property ..thanks

A Real Estate agent, if one is involved, may be able to help with the Comps.  

Would love to get involved with some local real estate clubs.  

They are in the mid $100k and are about 10%-15% from 2007 in good neighborhoods.This isn't a bet on appreciation as they still cash flow but moreover future planning/selling.