@Brad Kanouse,I believe this is a duplicate of this post:https://www.biggerpockets.com/forums/311/topics/1210256-usin...But regardless, here is my answer:If you take a distribution from an IRA - it will be subject to taxes and penalties.You can convert your IRA into a "Self-directed IRA" and have the IRA buy the property, in this case you are not the owner, the IRA is.

If current lease auto-converts to MTM, just do an addendum for increase.RECOMMEND you Google for Texas leases, many PMCs share them online, and copy & paste to create one YOU like & fully understand.

Given the scope you outline, the only things it sounds like may not be touched (or maybe just not listed) are HVAC and windows. 

On that note, I'm considering converting that self-directed real estate IRA into a Roth, ideally for generational purposes down the line.   

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elements and roofingBasic HVAC componentsWater heatersFire protectionThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

Although multi-family properties is a term used more in the US and converted itself into a proper investment strategy, this is also possible in Spain (or anywhere in the world).

You will need to make sure that are no gaps in windows, doors, etc and that the HVAC system is well maintained as a tenant could argue that lack of remediation is the culprit for a high utility bill.

We are usually around $50 to $60/sf but that usually includes new windows, new HVAC, all new pex etc.The category Misc.

You can also rent it out like everyone on here mentioned, but it is risky if you rent because the tenant can call the city on you and you would have to de-convert the unit + possibly pay the tenants back rent for the time that they lived there OR you can airBnB the unit - probably the best way IMO.

After that you’re managing income and expenses and the calculators go out window.