Sorry if that is a really basic question.  

This means you can make basic administrative actions such as selecting vendors and paying the bills on behalf of the IRA, but may not personally benefit such as by paying yourself for management. 

Basically, after paying agent commissions and other miscellaneous cost (roughly 8%), along with paying of the mortgage balance, I would pocket close to $350k, tax free.Stick to the rental long term with a great cash flow of $750/month and take advantage of the depreciation, while the renters are paying off my rental slowly and eventually have a paid of real estate that can generate great income for me.Investment from me for this rental is roughly $50k.

I don't know Austin well. but I do know Austin is basically the highest priced and I think coolest city in Texas at least I have been told.so it could go up in leaps and bounds.. and keep in mind in these areas again its not like the mid west were rents are basically static and have been for the 20 years I have been funding deals all through the mid west.. rents on the west coast and MAYBE in hot markets like Austin could go up 400 a month in a few years and now its break even... unless you can own A LOT of doors small cash flow is just not all that appealing what is a few hundred a month on 2 houses going to do for you..

For myself in MA I did a cash-out refi with Salem Five bank in 2016 and it was easy and they had very good rates.You'll need to work with the bank to go through the process, it's basically the same as getting a mortgage so you'll need to provide the usual litany of documents like recent pay stub, current mortgage docs, bank accounts, they will pull your credit report, etc. 

It needs to be a basically complete and functional home.

Here are the basics - the property owner registers the property with the city/county it is in (the county is usually always looking for good landlords and decent housing). 

I have seen signs where the letters are so thin from a basic marker, makes it appear like nothing is even on the sign.

But basically network and educate yourself.

But just consider the basics of what that person earns and the stresses that come with that income.