It would take a 4.5% ROI just to cover your admin costs and break even.You could look at simply opening a self-directed IRA with a low fee custodian like IRA Services Trust Co in the Bay Area or Kingdom Trust Co in KY. 

Apologies shift blame to youYes this business can be built off customer service and good tenant relationships.... treat people with respect and dignity....don't be an a-hole.

We have used two different ones and both have horrendous customer service, less than qualified contractors and inflated costs. 

Any skiptracing service should be able to help you out.

And I also did some things on my own after the rehab, like having the wood floors refinished (out of my own pocket of course).

There was vomit on the floor.Question:  How much should I bill the company for the biohazard cleanup and the emergency services response? 

The 1st floor currently has wood flooring  that needs to be replace.

Over-leveraging is more of a problem if you don't have the income or reserves to cover the debt service. 

My question is, can I make improvements with the proceeds of the old house to the vacation rental including new floors, carpets, and furniture?

When the mom walks in she points right at the laundry room and says "Ugggh, I had a laundry in the basement once and it was horrid, I hated it, have them move that to the first floor before you buy it".