And if you ever sell the property the LLC will have to sell and do the 1031 and buy the new property.Or you could stay as tenants in common (your LLC, your wifes LLC, and the other persons llc). 

Myself, significant other, and my close friend/business partner have been renovating his personal residence for the past few months with the intention of renting it soon.

Personally, I would start by diving into recently sold (6months) properties within a mile that share similar characteristics to your home.

Personally I don't care of someone got permits to do something. 

According to the Culture Index, I'm a "Technical Expert" personality type.

Without getting too deep into my own personal financials, ill create a quick scenario. 

Disqualified persons include your fiduciary and members of your family (spouse, ancestor, lineal descendant, and any spouse of a lineal descendant).The following are examples of prohibited transactions with a traditional IRA:Borrowing money from it.Selling property to it.Receiving unreasonable compensation for managing it.Using it as security for a loan.Buying property for personal use (present or future) with IRA funds.

The listing agents hate it when I tell them I will present my buyer clients offer in person.

My wife and I were able to buy a SFH for our personal residence in 2022 and have since turned our focus on saving for our first investment property. 

What’s more, doing a detailed market research, making a feasibility analysis, getting to know similar minded investors through networking are some of the ways that a person venturing into that field can avoid pitfalls.Good luck!