I would also look at its access and paring. 

-the community is gated, close access to I-35, and will have at least 90 units.

If you do have the funds, and want to do some of the work like installing flooring, painting, etc. yourself, I would skip the renovation loan and additional requirements that come with it and keep things simple.If you don't have access to additional funds and don't have the ability or desire to work on the property yourself, and the property won't qualify for regular financing without some of the repairs, then I would definitely recommend the 203(k) loan.

Second, and perhaps most importantly, it's land-locked behind another property, so I don't even know if any buyers would even have access.

Crime rTes are important as well as accessibility to highways and shopping.

So I’m a relatively new landlord, and I have a property with a basement I consider to be somewhat hazardous (more like a really large crawl space).

Do you have MLS access yet?

However, (a) there are IRA/401k compliance concepts that you should be aware of and (b) you should develop an efficient method for accessing IRA capital - I'll often get introduced to syndicators that find dealing with IRA/401k money to be a huge nuisance, which it does not have to be.On most syndicated deals there will be leverage involved, resulting - potentially - in taxable UDFI to IRA investors.

Other than the tools they have access to, how do I know if I can trust them in looking out for my best interest?

I recommend spacing the increases in case of vacancies.