At that price, I'm assuming you have some major rehab to do, but maybe not.Not an accountant, but from my own research if you use the IRA you need to have enough in that IRA to cover all the property expenses.

Might be difficult and/or expensive to hire someone at the moment.

You shouldn’t be that tight in funds that a month is going to hurt your ability to pay the mortgage and expenses .

I'm seeking how best to manage the disproportionate expenses during the initial phase of rehab.

The interest rate might be higher, but perhaps the reduced expenses will offset some of that increase, or?  

Your expenses do qualify for the SH but some will argue it also depends if the work is done before or after placing in service. 

First of all, I used rental calculator of Biggerpockets, and I budgeted what expenses I would see as an investor.The closing is scheduled as next Wednesday, 11/7/18.

@Mark AndrewsYou are required to first allocate the purchase price to land and the building.The amount allocated to land is non-depreciableThe amount allocated to building is depreciableYou may also make improvements to the property which can possibly be added to the basis(if not expensed). 

Your expenses look really to low though.  

Save up, pay cash, get reliable but a good value...the best rule of thumb to live buy is put as little of your money into things that go down in value as you can...which is basically everything EXCEPT Real Estate....and maybe stocks...but basically you are only authorized to buy real estate from now on haha..I am half kidding...half.Pay off the debt, cut the expenses, save money like a crazy person and keep doing what you are doing...Live in flips are one of my favorites....even better, live in flip plus AirBNB for part of the year in a hot market airbnb market