Not good on a whole lot of levels.However, if your price point dictates you could craft your scenario and buy for 150 putting 50 into the improvements. 

Has been meticulously maintained; we were only the 3rd owners. 

There could be several things going on here and I'll throw out a few ideas:Your CPA may not be savvy in the ways of real estate OR they may not be the consultative type . . . you'll want to work alongside a CPA who doesn't just prepare taxes, but rather helps you craft an approach or changes that will optimize your tax exposure.You may not be a real estate professional, as determined by the IRS. 

I am in the process of crafting a specific service to better serve people exactly like you and your reply will help our community out tremendously!

As I mentioned earlier, I am in the process of crafting a specific service to help agents better serve this community so all of the replies will be of significant value! 

However there are many accountants who feel comfortable with these as long as an arms length business like transaction is maintained and meticulously followed. 

One is a window treatment supplier the other is a hobbyist who does wood crafts and is restoring his small sailboat, I can't find anybody to insure the Building (I can get liability insurance but not property).

In the meantime I have been increasing my credit score, saving up money, getting knowledgeable in this craft, and trying to network.

So, I've found that I need to help coach my clients through how to craft a winning approach for a particular property.I hope that's helpful! 

This is a craft with many pitfulls but can really lucrative .wishing you much success .