Naturally it depends on kind of actual project from just better house to luxury unique house if this is acceptable for this location.

Standard depreciation is where you depreciate the value of the house (minus an estimated value of the land) over 27.5 years.Accelerated depreciation is where you break up the key components of the house (i.e. roof, floors, windows, hvac, etc) and depreciate them over the IRS' acceptable lifespans of each one.  

I will leave the (I)legality of it out of the discussion and just look at the overall strategy.You would need to get your agent to get an offer accepted on the property and then you would need to find a buyer willing to pay you a price that is higher then the listing agent and every other agent who is a part of that MLS could find another buyer to pay.

Neither bid was accepted.

We countered with $75k, he wasn't happy but he did accept. 

Why would the owner accept $60k now?

Valued at $157,637 could accept a 30% reduction for a quick Cash sale at end of January.

They work with local flippers and rehabbers in target markets around the country, and offer investors the opportunity to finance well-collateralized rehab projects at a scale acceptable to most investors that are interested in crowdfunding.This was not what I expected to develop, but it seems to make a lot of sense for all the parties involved.

The bank accepted an offer on an REO condo in Chicago, but the inspector found a small patch of mold (probably the size of a fist) on the bathroom ceiling.

My vote is for my hero, @Ben Leybovich even though I'm upset about having to wait for CFFU to start accepting new students again!