Talk to your accountant to confirm but I believe state and federal taxes are exempted, even when moving from one state to the next.

[BUT I don't know what state/city you're in... some states/cities are much more strict than the federal standards]I absolutely would not paint the basement for that reason - and I wouldn't invest in encapsulating paint unless you know what you're doing. 

So if she sells within 5 years of going into the nursing home, the federal government has rights to that money. 

First time purchasing.. stay away from federal liens on properties?? 

So his order of operations was: 1) Get prequalified, 2) Find a property, 3) Open a LLCSo I said okay and went to Navy Federal to at least inquire on commercial loans and they said I would have to open a business account first before I can apply for a commercial loan so 1) Open LLC, 2) Apply for Commercial Loans, 3) Look for properties.Does anyone have the answer or a solid blueprint to follow here?

So if you set up an LLC in Illinois that does business in another state that means two state returns in addition to the federal. 

EspinozaMortgageRecording Date03/30/2001Cash PurchaseYesDocument Number258033Mortgage (03/29/2001)Mortgage Date03/29/2001Recording Date03/30/2001Mortgage Due Date04/01/2031Cash PurchaseNoDocument Number258034Mortgage Amount$117,467Mortgage Loan TypeFHA(Federal Housing Authority)Mortgage Deed TypeDeed of TrustMortgage Term30 YearsSecurities CategoryFHA, Fixed, RefinancePrevious Ownership (09/1994)Date First Seen As Owner09/1994Document Number779527Sale Amount$96,125Sale Date09/1994Recording Date10/31/1994Ownership RightsSeparate PropertyAbsentee IndicatorSitus Address Taken From Sales Transaction - Determined Owner OccupiedDeed Securities CategoryNew Structure Sale, Mortgaged Purchase, Residential (Modeled)Resale New ConstructionNew ConstructionResidential Model IndicatorBased On Zip Code and Value Property is ResidentialTitle CompanyFIRST SOUTHWEST TITLEOwnerRobert SieverkroppSellerHomes LennarMortgage (10/31/1994)Mortgage Date10/31/1994Recording Date10/31/1994Cash PurchaseNoDocument Number779527Mortgage Amount$75,000Mortgage Loan TypeConventionalSecurities CategoryCNV, Fixed, ConformingPrevious OwnershipDocument Number779526Recording Date10/31/1994Ownership RightsCompany/CorporationAbsentee IndicatorSitus Address Taken From Sales Transaction - Determined Absentee OwnerDeed Securities CategoryResaleResale New ConstructionResaleResidential Model IndicatorBased On Zip Code and Value Property is Not ResidentialTitle CompanyFIRST SOUTHWEST TITLEOwnerLennar HomesSellerLennar CommunitiesMortgage (10/31/1994)Mortgage Date10/31/1994Recording Date10/31/1994Cash PurchaseNoDocument Number779526Securities CategoryFixed

Tools you can use include various government entities that accumulate data (BLS, Federal Reserve, local Chambers of Commerce) and private entities like Rentometer or Costar (pricey, though).If this is your new career, it's going to take a ton of dedication to be competitive.

No issue from a federal tax perspective.

You will definitely want to confer with non-recourse lenders such as First Western Federal Savings and North American Savings Bank to be sure what kind of LTV and terms you can expect before starting on a project.The IRA is the party to the transaction through and through, and will be the borrower on the note once you put that in place.