Tanner, I think you conducted a pretty good analysis on the property. 

My partner is a master electrician and we discussed this extensively.  

I've written pretty extensively on the matter as I am also a Broker who trains agents to do this!

Boards down, extension cords running from poles and boxes to homes , garden hoses running house to house furniture we removed replaced with other like stuff......

Disclaimer: I want to point out that I understand an extension of new credit is not something I am qualified to do all by myself.

I just got back from Panama and extensively researched the vast impact the completion of the new Panama Canal will on global trade; specifically the south east.

This is not money that you can "add to your your investments", as all IRA activities need to be conducted entirely at arm's length and kept separate from personal financial activities.A self directed IRA does give you the ability to invest in what you know, and potentially receive higher returns with a solid underpinning in real assets such as real estate.There is a lot of good info here on BP and several good resources for professionals in the field who can help you explore your options

The facade of the home on the first floor is enclosed with a mudroom/porch that was built as an extension.

The owner bought it in unrentable conditions has made it rentable but not put an extensive amount of work into it he realizes he can make a margin and just wants to make this a quick flip is this a good deal? 

If you're not conducting business, you don't need an LLC (you never said you were).