Here are just a few questions you would need to answer in order to clarify a little more what you are wanting to build:1 - How big, in square ftg?

We just ran the new build comps for our market in Columbus Ohio and saw a pricing premium of more than 40% in the urban core for infill work.

Relay does have free wiring.We haven’t had any accounting done yet with our 1 Trident account for taxes.  

Assuming this is an 8 cap neighborhood you'd have a ~$420-450k value within a year (unless property taxes are crazy high) when leases would renew since it'd be valued as a commercial building with the office space.

Quote from @Melanie Baldridge: In 2025 the bonus depreciation rate is 40%.This means that if you bought a property for $1M in 2025, did a cost seg study and found $300K in eligible assets that you could depreciate, you could take 40% of that $300K as bonus depreciation to offset your income in the first year.40% of $300K = $120K.You then apply that $120K to the owner’s personal tax rate to find the final amount that they can defer in year 1.If your tax rate is 37%, you can defer $66.6K.This is a big deal even at the 40% bonus depreciation rate this year.It’s a massive benefit 

Instead, it could impact your cost basis in the property, which would affect depreciation and future tax calculations.

I know sarasota I've been. what's your target exit price for the home on a new build? 

However, the beneficiary interest is not a disclosed matter re the trust.You need to check any tax concerns with your tax professional.Stay safe out thereAlan

To avoid Prohibited Transactions, SDIRA investments really need to be passive.Oh, I'll also mention that SDIRAs are subject to UBIT tax.  

You will realize the loss for tax purposes when you sell the security, which it sounds like will happen in 2025.