Like-Kind Exchange Depreciation OptionsOption 1: Generally, taxpayers must depreciate the carryover basis of property acquired in a like-kind exchange during the current tax year over the remaining recovery period of the property exchanged.

Because we were changing our garage to a dwelling unit, we had to comply with the new HERS requirements including high density foam insulation, Energy Recovery Units, and more.

I have been extremely satisfied with the way all the deals have progressed so far.  

Let me explain that better, imagine your rehab is $100k, you would need to do part of the rehab, maybe $10k, and then you can get the funds for those first $10k reimbursed so you can keep progressing with the rehab.Given your experience, I would recommend you start with a moderate or light rehab, mostly cosmetic work so that you can do it yourself and won't get your profit decreased by hiring third parties.

Keep progressing forward, while narrowing down your asset type considerations, market, and your other macros.

I believe in progress based on solid fundamentals and experience.

Looking forward to hearing more about your progress!

Congrats on saving up that's an amazing start.I would suggest holding off on flipping if you don't want to do it near you, although with $250k, you probably could find something even in California that you could flip, we hear horror stories from our clients all the time of how they hired a contractor but were not able to watch progress and fly in 2 months later to see almost no work done and most of the money spent.  

They stressed that while new developments are welcome, existing issues must be addressed.The meeting underscored the need for a balanced approach that tackles growth and current challenges as southeast Bakersfield progresses toward revitalization.

Definitely not a town I'd call growing or in the path of progress.