My plan is go in put in professional management, repair, raise rents.

Spend business expenses out of the same account.Have a professional do your taxes.

Any area around the DFW is building commercial/ industrial space so I would think ( not a professional opinion) that you should come out here and interview PMs.

I negotiate short sales full time professionally and have for 10+ years.

At this point, I just organized all my existing contacts into various groups: Colleagues, Professionals, and so forth.

Get insurance and an attorney  or other professional that can help you develop an asset protection plan. 

Classic case of a professional tenant.

I would partner with a professional REA who can give you and your partner a realistic idea of what you can afford and how much the "cost of money" will be for you two considering your individual situations.

We're planning on hiring a professional property management company to run the daily operations of the investment property as well as implement all capital improvement.The question is, can my self directed IRA invest in an LLC that I'm the managing partner?  

We also have a growing population of educated professional tenants that will target SFHs and absent landlords.