If you buy a cash flowing property and add value or it naturally appreciates and you don't tap into the additional equity your return on the equity in the property goes down.

The house does already have a natural gas hookup (for the stove) which my plumber said is half the battle.  

It's human nature. 

Naturally you'll have to consider if the particular block or area is someplace you'll want to be in the long term, but if the plan is to house hack, live for a short time and then repeat consider expanding the searchAlso consider not jut the FHA, but the FHA 203K.

The income to the IRA will be passive in nature and therefore 100% sheltered under the IRA.If you and her IRA were to form some kind of partnership - such as a LLC where you and her IRA were the members - and then split the profits, that changes the nature of the transaction for her IRA.  

Maybe need some deep piers and consider seeping water/radon/methane/natural gas or whatever else was mined there. 

New tenant - a waiting period - Then you have to paint the place and change the carpet - natural wear and tear.

I find that the same drive I have for basketball and the competitive nature, is easily transferred  to Investing.

I don't really know the nature or circumstances of the transaction.

Being the current season in Michigan it is naturally more difficult to find a tenant so patience is the key right now until about March.You may try playing with the price also.