The sellers must have assumed one of two things...1) the lease can be renegotiated at a a higher rate in the near future.2) the land has a value on a price per square foot for some additional/alternative use.Paul Wright, ASA Billboard Appraiser

@JJ Wright @Mary K.I found the deal through a co-effort with my agent (who is also a BP member).

@Alexander Wright.

Quote from @Linda Weygant: TurboTax gets this one correct - nothing to report if it was not placed in service.Sounds like your in-service date is December 2022, so all of your expenses up through that date must be DEPRECIATED (not deducted).I know your normal tax pro is busy, but the very best thing for you to do is to put yourself on extension and then get with your current pro (if they are real estate savvy) or shop for a new pro after April 18. 

Thank you @Linda Weygant and @Michael Plaks for the kind remarks. 

@Matthew Wright: You are looking at the Fannie/Freddie small loan product.  

 @Linda Hastings:You're right on the money!

@William Webb @Linda D.Personally, I would like to live somewhere that is pretty "city" i.e. close to food and a Walmart lol.But for investing I was wanting to know where the A, B, and C class neighborhoods are.

@Marie Z. and that's why @Linda Weygant is one of the best!

If you're looking to move to San Diego yourself and owner-occupy your investment property I recommend buying a duplex in Linda Vista/Bay Ho/Clairemont Mesa areas.