He talked about splitting lots and build on them a good deal if I remember correctly.

I called my realtor to find out more information about it, but she directed me to the listing agent to work with since it was a conflict of interest since her best friend was one of the lien holders.When I called about it, the listing agent said that they are waiting for it to go into a short sale and that they already have a buyer for it.Does this mean nobody else can bid on it?  

Flipping is all about understanding the math and accurately predicting rehab costs, estimate too low and you lose money, estimate too high and you don't bid enough to get a property under contract. 

Investor failed to have title run before bidding.

@Roderick McCleary If you're cash flowing $730/month (and calculated that correctly) I don't think you need more calculations lol. 25% down on an investment property is pretty normal.

Chris mentioned 5 or more being commercial - that is correct and it is very hard to be approved without a very strong history of rentals, which you have some but it will still be an uphill battle. 

It’s located in Redlands California I have gone to the city and spoken to the planning department and, I seem to meet all the criteria of what I am trying to split Just hoping that someone might have some more guidance or information on how to do this correctly and what the cost might be associated with this project.

If your purchase price, repair cost, ARV, and monthly rent numbers are correct, then this is just a terrible deal.

@Ali Hashemi, @Robert Carraway's absolutely correct. 

Question to the folks very knowledgeable about self-directed IRAs:I recently won the bidding for a property at a courthouse foreclosure auction - my "registration" at the auction was under the normal LLC I do business with (buy and hold) so that's where the deposit for this property (10%) was paid from.I have not closed on the property yet.