That would KILL your IRA and create huge tax penalties.There is a retirement plan based structure know as a Rollover as Business Startup that allows you to take existing retirement funds and use them to capitalize a business in which you are directly involved. 

@Zev Dobuler the distance between locations almost dictate multiple attorneys even within a national firm.

You owe capital gains taxes on $80,000.

When he sells me the property he pays capital gains tax.

My name is Zasha and interested in flipping a couple homes to build more capital to buy homes outright (refi in 6 months) then buy-and-hold properties but also wondering if I should buy an owner occupied home first.

So I have since abandoned this unwise investment of my limited capital and time. 

Between the mountains and National Forest, land is scarce so prices are high.Asking price of $725,000.

Ultimately I would like to get into rental properties but I'm thinking that Wholesaling could be a good place to start to build up capital before buying a rental I want to hold for a long time. 

for the wainscoating you could use the sheets from home depot that come in 4'x8' sheets I think they are 1/8" or 3/16 thick and pretty cheap, maybe 20 bucks a sheet. cap it on the top like traditional wainscoating. for backsplash use either tile or or linoleum. the wainscoating can be put right on top with some liquid nails and finish nails and the tile could be put right on top.

CapEx is capital expenditures, big ticket repairs/replace items that you have to capitalize vice expense.