Was I correct in my statement?"...

Both answers are correct.

Looks like they’re still operating at a loss if I’m interpreting correctly.  

Agreed mate,I'm all about taking personal responsibility and I have been swindled many times in a similar fashion like many feel on this thread.It seems like these investors including myself in other instances get negligent and don't read between the lines.Especially after trust and a relationship have been established, we become gullible and don't second guess or question.Maybe it's greed for some but in my instance it wasn't.Just innocent and trusting stupidity (No, I'm never a victim as that is ******** mentality in my book).I had some spare $$$ and wanted to diversify in other assets through folks I considered friends and trustworthy business partners.Didn't even think twice to look things over.Looking back, it all makes sense now but it's easy being a general after the battle heheI only blame myself here...I mentioned in the thread further above that I lost to the tune of hundreds of thousands of dollars.Again, it is what it is and it's a lesson.Only myself to blame and have always taken the high road in such instances.As much as I'd like to fight for justice and go down the legal path, it just isn't worth the time and emotion.Upwards and onwards.Become better and make more than you have lost.Each to their own and that's just my personal "modus operandi"

So it's not correct to say you cannot depreciate real estate in an IRA.  

True although the fires this year just adds to the reasons to leave California (excessive taxation and regulation, overbearing political correctness, downtowns littered with feces, etc.).

It seems like there are additional obstacles to success for me since I'll have to do pretty much everything remotely, but an expression that I like, and I'm paraphrasing here, "If the path you're on seems easy, you're on the wrong path"Would love any and all advice, guidance, comments, warnings or whatever else you'd like to share.

I’m always open to learning and figuring out the best path forward.Thanks again for sharing your insights, I really appreciate it!

And of course being in a first position loan is ( everything being equal) the safest position if the collateral has been valued correctly..

These minor details are the kind that distract people from the path of success.