Yes I understand there are many facets and variables with an undertaking of this magnitude, but blood, sweat, tears, ingenuity and common sense can create marvels and monuments then this is no different.  

Brian is correct in that if your IRA funds a RE purchase, you cannot funnel any of the proceeds to yourself personally.However, if you co-invest personal funds with your IRA funds as tenants-in-common, you are entitled to your share of the income, based on your percentage of personal ownership.  

I'm looking though some tax deed auction listings in Florida and I see that some parcels have oddball Property Uses (eg R/W Buffer, River/Lakes, Residential Common Area/Element).Is there ever any value in buying one of these?  

I'm surprised this isn't more common.

I have a lot of MF experience (enough to get a loan for a 20-unit, say), some cash (the least of our problems is finding cash to invest), but less time than I'd like due to health reasons.

To address the common rebuttals, many folks will say "education" but this is really an abused idea.  

Is there a common approach to 

That $3,636 will reduce the taxable income the property generated. this means on the free and clear property you have to pay tax on $6,364 where the leveraged property you only pay tax on $3642) Wrapping 2 or more properties into one loan is commonly know as a blanket loan.

@Christopher Choe   really depends on your cost of capital.. if your paying cash and have no cost of capitaland its hot CA.and your numbers are accurate.. then its pretty easy. as we know CA will sell for 99% or better of list.if you can get your RE agent to list for 5% which is common.. 500k - 5% = 475k390k + 40k = 430k... 

At least, this is the common conventional wisdom here on BP.