Would it be feasible as a flip (not my main interest)  or to get the second unit rentable and producing income and refinance it once it is cash flowing?

My answer every time is commit to the business and sign up for Brian Buffini's Peak Producers course.  

Texas has a very simple foreclosure process and as a result allows investors to invest in foreclosures with ease.

The larger lenders are primarily focused on producing notes for the secondary markets.  

As a result people will spend more on the house.  

I've been told they would however sign a contract noting what the end result will be, however I am hesitant to move forward just yet.

Sales comparison looks at competing retail sales, income evaluates the subject as an income producing property, and cost (simply put) focuses on the current cost to build/replace a property.

When you get the search results, click on the People tab on the right side of the screen. :) 

If it is better than what the IRA is invested in today, and better than passive investments such as hard money lending, then you are getting the best results for your IRA with this strategy.If UBIT is a road block for you, then you switch gears and either have the IRA be a hard money lender to flippers and produce passive interest income that will not be taxed, or you buy-fix-rent and then sell a few years down the road to turn the property transaction into a passive rental, so that when you do sell, there is no tax implication.It is possible to combine your IRA with your wife's when making investments, but it gets more complicated when you do that.

@Elena JobsonMy advice:My opinion- I know many people consider the house you live in an investment & technically it is, but from a business prospective until that asset throws off or produces cash we don't really consider it an investment.