Curious, if I used a ROTH account and for example did a flip (is that an option) the profit for the flip would have to go back into the ROTH, correct?

If I read everything correctly.

Like the others have said as long as cash flow is good and you are willing to hold in the LONG TERM in the event of a 20 or %30 market correction and you feel rents are a touch flexible then go ahead.

Only thing I would look out for is market corrections when and if that is happening when buying cash flow rentals.

It's almost impossible to get every house assessed value correct- every year.

Sometimes its the obvious that escapes us.Did you do a final walk thru and make sure everything is correct?

Should I call the mortgage company and explain the situation and give the loan information, or try to cancel the loan application and resubmit a new one with correct info.

I help agents find the correct RE broker in the Twin Cities as a favor based on my knowledge as I am the past President of both the Mpls & MN Realtors.  

Brian is correct in that if your IRA funds a RE purchase, you cannot funnel any of the proceeds to yourself personally.However, if you co-invest personal funds with your IRA funds as tenants-in-common, you are entitled to your share of the income, based on your percentage of personal ownership.  

@Ori Skloot is absolutely correct that there are some nice parts in Richmond.