Los Angeles $70 sq ft for rehabbing existing space.

Forget about grants, they practically do not exist for investing.Once you have some basic knowledge of how it all works and start getting to know people who are doing what you understand and decide for yourself that you want to do, then you are ready to start. 

The long term strategy is based on buy and hold, but will flip existing property when it makes sense.

Conceivably, these siblings would either list and sell the asset to your investor (for which you receive commission #1) or you bring in a developer/syndicator.In the second scenario, siblings would partner up and contribute their equity into the formal or informal partnership and the developer/syndicator would bring experience (successful track record), and other resources including builders, design architects, engineers, and entitlement experts for zoning and building approval, depending in the scale of the project.A third choice exists whereby siblings attempt development themselves.

Have you checked with your insurance agent about landlord liability with a pool existing on the property?

It proved to them the market existed.

You will now have cash in your IRA account instead of a loan for whatever face amount the original loan was.If you keep the cash in your existing IRA account, when the custodian does Fair Market Value reporting to the IRS your account value will be reported at the reduced amount.

I have seen the existence of oil tanks not be remediated properly, and it end up costing a developer $500,000 to remedy the situation, including the environmental impact and the cost of fees and penalties levied against them. 

The new LLC then contracts with your existing LLC to manage the property.

Clearly the existing financing will need to cash flow if you don’t intend to refi, but beyond that, what would you be looking for with respect to a seller’s marketing profile?