She has no involvement in financing so in the eyes of the bank, she's never had a mortgage. 

And IRS rules say that as such personal you can’t be part of ANY transaction your IRA is involved with, DIRECTLY or INDIRECTLY.

We are currently breaking even on the property before depreciation expense (we are holding on to the property b/c it's in an area where the appreciation is high), can the "unused" depreciation expense be carryover as PAL to be applied against capital gain when we sell the unit later on?

I just flat out asked her if she had the power to sell at any price she wanted or if there was a realtor involved looking for a commission?

@Lateeka Mosley It is possible, but there are several factors involved that can potentially kill the deal.

In addition, I've never been involved in any major home renovations and I'm not particularly handy so the the prospect of managing a contractor from afar seems a little daunting.

Im New to the website but highly interested and motivated to get involved in Wholesaling.

And the few exceptions are very unlikely to apply to you.

And all my family members are very discouraging about the risks involved in realu estate.

Check out Guardian Water & Power, their smart (water) meters are in the $150/ea range (not including installation, but they'll arrange for that too) and do not require any involvement by the local water utility.