6) Assuming all goes well and I gain control of the property, since I have gone to the property, reviewed it and found out through talking to the tenant while taking pictures that this is not a owner occupied.  

I have bought and sold houses before and feel like the timing is not right for flipping. the condo will sell for $240k I would have to pay capital gains and commission so would not clear much.

You have to see what strengths you have and how they will help you with the knowledge of real estate that you have gained from reading, learning, going to investor clubs and networking. 

BP is a great place to gain knowledge and resources.  

I wish you good luck and hope that you gain many properties. 

You are gainfully employed, so that biweekly paycheck should not be discounted in its ability to help you weather scenarios.

This is if there will be equity gains on the property. 

As such, if your IRA flips houses on a regular or repeated basis, the gains are subject to Unrelated Business Income Tax (UBIT).  

I'm looking at buying 2 properties in Jacksonville with the deferred gains plus cash on hand. 

No cap gain taxes!