Even marginal deals are trading at ridiculously low cap rates (lower than MF I might add).

The trade off being if I want a property I need drive a little to work.

If the trade value of an old shopping mall is less than the build cost of a new storage space or warehouse, then it doesn't make sense to build a new storage space or warehouse, just buy an old shopping center.

Carpet throughout (as Minnesota gets frigid in the winter) What was the outcome?

Flipping is more than likely to be considered trade or business.2) Rentals: Rentals are not considered trade or business for this purpose, so initial inventory costs cannot be deducted as travel expenses.

What was the outcome?

The gamble is that the outcome hinges upon the courts discretion and it’s rare to see specific performance unless buyer can demonstrate that monetary damages aren’t enough to make them whole.

So I told the old owner I will trade you the house and landbank the loan..

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

What was the outcome?