Also, you not spending all the money on the repair does not create income for you. 

Have you spoken with a lawyer on the process of creating the GK and how to wrap investment property with a Non-PR? 

for that matter, so that I can rent it out to tenants and create a viable stream of income. 

I'm very early on, NOT actually engaged in searching for the a building today.My COH will be $500-800K, I want to be totally involved with every aspect of the transaction, the ownership.I will create a high-quality place to live, a destination to be desired.In your opinion:What are the questions I should be asking?

The past is the past.I would also point out two things based on your comments that may indicate why you chose to go in a different direction.  1) The use of a self-directed IRA custodian - where they have to sign every document and cut every check - is not well suited for a portfolio that involves a lot of assets or assets that create a lot of transaction activity. 

If you have no clue on what you are doing, spend the money and time you otherwise would have on creating an LLC towards getting an education on the correct way to put a property under contract. 

You may payments and the payoff to the LLC.If they money is still in the old 401k's and they don't want to take a distribution, they would each create an SDIRA and an IRA LLC. 

You've created an additional $4.6 million in value by spending $1 million in renovations.

I’ve also started becoming the “boots on the ground” for some out of state investors to really get involved in renovations and property management and to further create networking opportunities.

Hilltop is now more expensive by far than a year ago but the whole area is just now breaking ground on what we'll see over the next 5 years. the east side of I5 only a mile or two as the crow flies is probably the next major neighborhood as there is a clean up project there a well.Lastly, I believe the City has yet ANOTHER major clean up project going in right next to the mall that will consume a couple city blocks, create a new greenbelt and park, etc.Ruston condos are selling for $1m+, and Proctor homes seem to start around $450k for the most part.