More likely you will send or call to a portion...

The compliance portion of our DD includes everything related to city, county, and state compliance to continue to run the property as a park. 

Or I could actually buy a place cash with the loan from my 401k since the area I'd be starting in in prime for rentals and a large portion of the homes in the area start at about 40k

After selling we would use our portion/equity to purchase new retirement home.

The portion of the property that is not owned by the two family member you mentioned will be inherited with a step-up basis.Thus if your distribution was regarding the step-up basis portion, there will be no tax liability to the heir.  

Networking is vital here.

Having experts in this space on your team who can guide you as to the IRS rules as you invest with and operate an IRA owned LLC is vital.  

Major components to view finish is 'how done are they'Electrical, HVAC plumbing.Big difference between just needing outlets switches and still need a portion of electrical done.Keep in mind most banks don't like to lend on non move in houses to average buyer. 

it would depend on what portion each side is paying.

Not to disagree with Charles, but (pedantically) it's not having high net worth that limits you - it's having income of more than $150k per year.Real Estate professionals don't have that limit but...you need to work at least 750 hours at it AND it needs to be your largest portion of work.