Thr profits from the rental go back to the IRA rather than directly to you of course.

Presuming you're closing through a title company the money would go into escrow to pay off the existing liens and closing costs then to the seller for anything left over as profit

Normally you would pay a capital gains tax and income tax on the gain  or profit from selling the property. 

But if I simply want to cash out my profits, how much is taxable?

You may be able to find someone to partner with who can provide the funding while you do the work, then split the profits and move on to the next one....

Once I'm able to quickly generate a list it should be relatively easy for me to go to my preferred vendor and figure out exactly how much I'm spending in material but also how much I'm spending in each room of the house.

The Analysis is based on the specifics of the deal...entering it, and exiting it.Oh, and either way, make sure you calculate how long it takes you to start making a profit. 

Some times sit on them or lease short term until market is ready to take profit. 

At this point, in theory, bank forecloses, property is sold for 200k, each lien holder is entitled to their share of the profit.  

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