A prohibited transaction is a transaction between an IRA and a disqualified person that is prohibited by law.The transaction that you are describing would run afoul with some or all of the following prohibited transaction rules:Prohibited transactions generally include the following transactions:a transfer of plan income or assets to, or use of them by or for the benefit of, a disqualified person;any act of a fiduciary by which plan income or assets are used for his or her own interest;the receipt of consideration by a fiduciary for his or her own account from any party dealing with the plan in a transaction that involves plan income or assets;the sale, exchange, or lease of property between a plan and a disqualified person;lending money or extending credit between a plan and a disqualified person; andfurnishing goods, services, or facilities between a plan and a disqualified person.

* anything else Thats unique that need to take into consideration?

The carpet would be the same height as the tile in the bathroom and would not clash with the bathroom tile.

I don't have an answer to this question but reading your post reminded me of a property I was considering, it's a historical home with an unpermitted addition and the consideration was to add a second building at the end of the lot. 

@Basit Siddiqi Thanks for your Input, i will take that into consideration.

That should be the primary consideration.

I am NOT giving advice here, just a suggestion for your consideration and discussion with your counsel. 

LESSON: Another consideration we had in pricing was reno payback period.

I don't know the NY eviction laws so you would have to take that into consideration as well. 

Most all hotels are always considerate and will do this with a smile on their face.Even by not knowing what your immediate plans are, there are cards for that.