Im surprised that the original owner undervalued it so much, and don't want to make the same mistake in selling it lower than what its actually worth.

After that, learn through your own mistakes.

I anticipate I will begin receiving distributions from the IRA in the next three years or so (and then begin paying Uncle Sam).The reason to become educated is so you don't inadvertently make mistakes in self dealing - which would invalidate the tax status of the investment.  

Like Chris says, buy some low $ notes, and make your mistakes and get better.

@Drew WilsonOne of the biggest mistakes I see most investors make is that they focus too much on cashflow and have high equity positions in their investments. 

I know I'll pay my dues but already feel that I have avoided costly mistakes thanks to the advice I have received here! 

There must be a mistake in the information, or the interpretation of it. 

Most of the investments were trust deed investments where I was a small fish swimming in a larger school, but they returned 8 to 10 percent and, naive or not, felt relatively safe to me.I have made some foolish mistakes trying to build wealth over my career (*cough* oil and gas *cough*), but I am grateful for them all.

I think everyone agrees that you've made some mistakes in this process.

Many people make the mistake of over-improving or doing the wrong type of improvements and it doesn't increase the value as much as what you put into it.