Since the title is still in the IRA's name, would i be subject to any of the liability if the tenant falls and breaks their arm, etc?  

The purchase price will be 160k and the homes renovated value is between 210-220k. (4bd 2.5ba on 5 acres inside city limits)My question is, should i do minimum repairs and rent the home out for around 1500mo (pay the morgage) or flip the home.

When you are investing with a partner, I like the idea of using an LLC (because the default in that situation is a "general partnership" which has massive liability issues). 

Besides my secular job I am a also the Pastor of the Truth Church in Edgerton, KS.I have a limited background in real estate investing but I have bought 3 single family homes in my life and one of those I had a renter for a couple years before selling for a profit.

Really, not just limited to basements, but any room or apartment that has another floor above.

Im just not sure what the guidelines are for posting if it is limited to questions only.

Many of the REI's on this site say that it is better liability-wise not to be licensed anyway.

What about buying in an entity and not as individual (which I plan on doing anyway for tax and liability reasons)?

I used my wifes full time job (since i currently have a full time job in a business that is either limited or non existant there) anyway .....

Lately, my strategy to overcome some of these limitations has been to start working on REI at 4am as I am the most focused anytime before Noon.