Is there any benefit? 

I haven't had much luck with local CPAs but you don't really need to live in the same state to benefit from CPAs that specialize in real estate.

This structure provides a lot of benefits over the typical self-directed IRA.

Since rent wasn't paid, you're in default on your lease and can be taken to court for back rent and related fees.When an owner declares bankruptcy, the court has a decide how to pay the debts and which assets will be liquidated.

Really, it just comes down to that... how much value do you each feel the other brings in relation to your own. 

It sounds like it needs a substantial amount of rehab (to your benefit) so if you can get into it for a low price with seller financing that would be ideal.

Without my degree I wouldn't have my job earning a solid W2 and providing retirement and insurance benefits for my family.

Your experience as maintenance supervisor will be a huge benefit when you own properties - you'll be way ahead of the game! 

I'm not looking to profiteer, but I could see a benefit to moving down and working with a contractor company just to meet the inevitable incoming demand (I have little experience, but want to learn), and I imagine there will be a whole new market of available properties to flip.

I think the benefit of investing here local vis-a-vis San Antonio is exactly that we aren't such a hot market.