I agree with most of what I've read here, but the bottom line is that you can set rules in place, but you cannot stop smokers from finding their way into your property.

@Noel R.You cannot borrow from your wife's IRA because of the prohibited transaction rules.

The rules prohibit any transaction between IRA and such person, can't use IRA to fund your personal deal.

Wondering if anyone can help me with who I need to get in contact with to see the rules/laws/regulations for these in my county? 

Its only worth whatever the income it produces will support.  

Thank you all for such great support and willingness to allow me to reach out to you.

@Ed Emmons these days a lot lot of analyzers can be found online and you should be able to get very good results rather than using 50% rule which is very vague and does not work in all markets and all assets.

@Jim Growfer think it's okay to use the 50% rule to quickly gauge NOI and determine if a project is worth deeper analysis. 7% interest is high and yes, that would be a bad deal if you only netted $10k on a $2 million purchase.

This is why I hate this set of tax rules.

Thanks in advance for the support.