My preference is the latter and I want to rent it and add it to our portfolio.   

Even though you use your IRA to own the property, you will personally sign for the responsibility of repayment for a commercial loan.

Hey @Corie Carpentier,Consider how to get the seller to throw in additional concessions that give you more value than they lose.  

Annual numbers are:Built in 1984 - Seems to be a B class complexPotential rental income $900K-$1M gross6% vacancy ($60K), $20K addition income from vending/laundry - no other amenities, $65K taxes, 5% ($50K) Capex, $28K Insurance, $16K contract services, $90K payroll/staffing, $150K repairs/maint, $6k utilities (tenants pay their own), $10K accounting/legal, $5k advertising/marketing, $100K (10%) PM (is that redundant with staffing?)

Ok guys I need some insight before I go insane ..On my personal  residence I recently did a construction loan for a large addition and had a lot of work done .the contractor has been paid through the bank on five different draws according to what he’s done he’s a small outfit so we’ve been very lenient and the inspector from the bank seem to be as well because he ( contractor) would not always complete the work in the draw outline .

The key additional question is moving forward would they insure the property if the answer is no at purchase 

I would like to buy a single family and rent out the additional rooms. 

No additional cost/premium to tenant.

Additionally (I may be off-base here) but I think another benefit to a fix & flip to me would be the personal experience of rehabbing a home. 

@Shawn Kostoff, I’m reaching out to the city for any additional fees or implications but what else might you have in mind?