I have been involved in a number of flips and own property there, and can say that even in the past year there have been massive positive developments there. 

16%+.I don’t know why you would get involved with gap funding where this risk is incredibly high and the brain damage is greater...this is a fast oversimplification but you get the picture i hope. 

5-7% yes 5-7 thousand probably isn't enough to do much with especially if you want to be involved in rentals.

Now that you own this property, the IRA may never be involved in the transaction. 

We have quite a few together or in our LLCs if commercial property, but banks weren't involved and no conventional debt on them. 

I would get some quotes on it to assess the cost rather than depend on past estimates if they did not involve the Cafe.  

Just make sure you involve an excellent real estate attorney to help you with the deal.This is just a thought.

I've been successfully self-employed as a handyman/carpenter since I arrived and I'm excited about getting involved with real estate investing.  

I personally have never bought or been involved in REO properties before and from my research i found very different opinions regarding them but non from people who have actually bought them. 

Can anyone here recommend a reputable tax services company (or good individual) who is located in SoCal who has experience or is specialized with doing taxes involving out of state real estate investments?