However, if the LLC has only one owner, it can elect to be a disregarded entity for tax purposes.

It's located in a small booming town on one of the main streets.

Taking a large distribution from an IRA - inherited or otherwise - creates a significant tax liability.If the purpose of the property is purely investment, then it will be best to make that investment within the existing IRA umbrella.An inherited IRA can be converted to self-directed format. 

What’s the purpose here?

I know that this site (biggerpockets.com) is mainly for the US but I hope I can catch some interest.

My main concern about buying a higher ARV for a great deal is that I may have to wait a while for it to sell and I’m not sure how that will irk with a HML or PML.

I'm looking at multiple locations but mainly in Cleveland, Indianapolis and San Antonio. 

You can view a few photos here.It is located near 88th and Wadsworth in the Kings Mill neighborhood2 story/ 5 Bedroom/ 3 BathMaster suite "loft" 500 square feetmain floor/ 900basement/ 900some good things:Roof is five years oldnew windows on the top floornew water heaterno signs of foundation settling home is overall maintained and well kept "just very dated"The expensive things:paint trim outside of houseHVAC is working  but is super oldNeeds painting throughout, with a room or two of wallpaper removalneeds wood floors installed on main levelcarpet in upstairs and basementnew appliances/fixtures/countertops in kitchencomplete remodel all 3 bathrooms entire basement is wood paneling drop ceilings in basement "possible other option?"

The sole purpose of pulling out the equity was to invest further into real estate; whether it be another purchase for rental purposes, or the more likely, a cheap property to flip. 

The main driver is tourism.