I am definitely going to replace the furnace but am debating whether to add A/C.

AlaREIA man, definitely.

@Victor Evans Thank you for that info, I will definitely be using it. 

I will definitely keep you posted on what I decide, and how well it works.  

Definitely, but is it zoned for commercial?

Great way to get started and definitely possible to cash flow well if you buy right.

Yes, I've definitely done my due diligence in regards to the value of the property.

Definitely check out the blog post for a more nuanced answer, but the gist of it is that from a construction standpoint, the costs are fairly equivalent assuming all things are equal between hotels and apartments.

Thank you so much for your help, definitely has given me a perspective.  

I'd definitely recommend doing a search as there is so much information already on the boards about self-directed IRAs and better yet (if eligible), Solo 401ks.