It went for 3 or 4 years post Katrina.to take the bonus section 179 depreciation one must buy new construction and it must be for your trade or business..

@Zach Adams  If you really have no idea of market cap rates in So Cal, MF in great areas like west side Costa Mesa are down to about 1-3% and rougher areas like Murrieta and Lake Elsinore routinely trade in 5-6% caps.  

The property is  single 4,000 sq ft building trading at over 700 a sq ft!

Hi I'm ken , I created this account on bigger pockets to learn from veterans of the trade and to accumulate knowledge and the ins and outs of successfuly investing in real estate because they say the accumulation of knowledge leads to the accumulation of wealth.I'm fairly young (18) but have the drive to learn all there is to become successful in my future career .

Go to the events including trade shows.

If you're interested in being involved in prepping/flipping a townhome post-foreclosure, I may be willing to trade some knowledge for a more local presence around the property.What are you looking to learn exactly?

Small deals like this DO NOT trade at a 10% cap rate.  

@Jean G.To be clear, this would absolutely be viewed as a prohibited, self-dealing transaction with catastrophic consequences for your IRA.The IRS would view this as using your IRA to help facilitate the sale of a property you own personally.  

I disagree that the 10% penalty is huge - if half of the money was employee matched contributions then it was free money anyway - plus if you are making 20-35% roi then it was a good trade.

Have consequences that are fair for both of you but uncomfortable for them.