I’m checking in to close the loop on how we chose to resolve this issue.To avoid a drawn out eviction and potential lengthy claim process we decided to cut our losses and release all tenants from the lease.We opted to hire an abatement company in Duluth (highly recommended) to do another round of testing, to include removal of drywall in suspect areas.Mold levels weren’t deemed outrageous, but mildly elevated.

As for speakers (I do speaking myself), you are limited on time and need to give highlighted deal examples as people there don't really want to hear the true life of a note investor (spending the day acting like a administrative assistant).

Could be a totally legit deal but, from the limited information you gave, seems a bit fishy...

So I’m limited on options.

We have very limited experience, so we're eager to get into the forums and start learning from all of you!

I know this limits my situation a lot.

Or do I just count that as a loss and move on?

Any amounts would be taxable distributions and likely subject to penalty.You can use your IRA for investing but the funds have to remain retirement funds and the normal strategies of growing the investments are limited a bit as explained above.You haven't asked this yet but I feel you may - you can't borrow from your IRA and generally, you can't invest with your IRA for the purchase of an investment property.

Don't go out of your comfort zone just to get a good deal, most auctions are basically site unseen sales with no contingency period, the less you buy in this way the less successes you have to offset a potential loss. 

Not sure how much you can claim from the seller for your other costs (title, attorney, etc) but if you are passing by other deals for this one, it might be worth cutting your losses and finding one of those other, hopefully smoother deals.