@Brad Kanouse Using Traditional IRA funds for an investment property typically incurs income tax and a 10% penalty if you’re under 59½, as investment properties don’t qualify for tax exemptions.

Here are the specifics: our current property is worth 360k roughly; we owe 120K on it.

Someone can be a brilliant tax person but horrible to work with, and also vice versa. 

@Armell MayersBigger Pockets is a great place to find a real estate tax accountant.

If you decide to sell and find an investment property with a greater cash flow potential.A 1031 exchange would allow you to indefinitely all of the tax and use it to your advantage to reinvest into larger nicer property/properties.

We have found it for number years so the value of the property has went up plus I did an extensive rehab.I owe about 215 not counting the last rehab that was about 60 K out of pocket.

We did that for about 3 years until Jeff informed me he'd fallen behind on property taxes, and all of his lenders called the loans due.

It's pretty scary coming out of a flip deal owing money...... 

He owes 650k house is worth about 1.4M, however, he only needs 300k.

You can always use a software like Turbo-Tax and follow the prompts.