Not a huge balance run up and pay down.

Run away.

The property looks a bit run down but As Zillow/realtor seems to have properties in the area that have sold for this amount I just used it as an arv however, I know those numbers can be inaccurate.

If possible, start calling around to check on how much that's going to run. 

BiggerPockets hosts online webinars where they walk you through deal analysis and run the numbers. 

Let others run the risk of a PT by managing their IRA's properties, rehab projects, or "checkbook" LLC's until we get clear guidance.But as to providing your IRA a benefit.....if that were a PT, then there would be no excess-contribution statute (IRC 4973) and no excess-contribution case law (such as Summa Holdings).   

We want to run everything through our business and found out the government will not accept our tax application if the title on the property is not the business.

I run an unrelated business from home as a sole proprietor that will be impacted by the change, but my understanding is that we can still take all appropriate deductions on rental properties.

Good, meh, run away?

I don't want to continue renting, but it also seems that in most places where I'd want to live, cashflow isn't really an option if I ever move out of the area, which I would like to do in 1-2 years.Real estate is expensive in my area (DC/NoVA), and multi-family units run $600k+.