I am willing to do YOUR legwork at no cost and follow rules to a T.

Rather, all improvements are added to your tax basis.

What improvements have they done to the property?

@Jennifer UmbaughTo learn more about the IRA prohibited transaction rules, see the following. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-prohibited-transactions

Trying to set up some self-imposed 'trading rules' for myself as far as flooded properties go -- to what extent, in what areas, I will play in that segment -- but that is a whole other topic, though, isn't it.So there you go, another new guy in HoustonMark

As along as I meet the 2 of 5 rule.  

Rule of thumb is that it is who you know then what you know.

Do you have any recommendations of how my plan can be improved?

I'll PM you, so as not to run afoul of the rules of the forum, but here's a quick look at the state of the market in Plymouth County.  

Expecting "instant equity" requires you to either buy below market rate, or you will have to force appreciation by making substantial capital improvements as soon as you buy.