This is a type of Unrelated Business Income Tax (UBIT) which is assessed on certain unrelated activities inside of your IRA.It is important to note however, that the self-directed Solo 401k plans are exempt from UBIT on leveraged real estate.Disclosure: I'm not a CPA and this is not a tax advice. 

You can assess and perform all repairs at that time. 

The initial assessed value was $890k and the final $820k.

It says a lot about how serious and professional you are and doesn't surprise me that @Jamie Kennedy had such an experience.I have red about half a dozen posts on Renatus and noticed how almost 100% of people who support is have very few comments so you can tell they aren't active users of BP.

Speaking of, today I just got a call from a guy who purchased land back in 93 for 14K and it's assessed now for 75K...

It does give me some ideas about how to potential bring someone on gradually though for better assessment.  

And what made you call me out of the dozens of other mailpieces?"

I recently bought a 9 unit bldg. and the previous owner had used an attorney to lower their assessed tax value.

@Tom Martinez When I close properties from Auction.com I get a special warranty deed which would take care of any assessments such as past due HOA dues and such.

Since Virginia requires all city/county assessors to be certified and all property to be assessed at FMV the assessed value meets this mark.