Your IRA is the owner and would be selling the house.There is no current tax consequences.If you have a traditional IRA you will pay taxes when you take distributions in retirement.

Most of the time, these will have ZERO personal income requirements and rely solely on subject property cash flow/FICO. 

I decided a long time ago that I didn't want to deal with lenders, negative title companies, uneducated agents who don't understand, creative financing, options, delayed settlements, subjects to financing deals, seller take back, split notes or JV offers.At 78 years old now and on home lock-Down, I have more time to do Joint Ventures with other investors nationwide and more time to practice my art.this is probably more information then you need to answer your questions.Good luck, be safe and stay healthy,Charlie

There's a lot of really good content around this subject not too far from where you are. 

I guess I never really put two and two together that even if the property value dips and the subject property is still cash flowing you really do not have to worry about it too much.

However, COVID 19 policies may cause some market shifts. 3) Making a turnkey a "good investment" is very subjective. 

Like I previously stated, this is based on personal preference so every opinion will be subjective.

In his opinion, my wife can draw salary and pay tax on it as a general partner (depending on how much we decide) and then rest will be distributed to both of us (don't know in which term) and will count towards our ordinary income, saving 15% in FICA/SS tax.

I don’t need much explanation on each subject, I would like to get a better picture of it’s overall works

What are your thoughts on this subject?