Plan for Self-directed Retirement Account - Thoughts?

[Account Closed]

I have an opportunity to roll an existing 401k into a new self-directed account. I would like to use that account to fund a real estate investment business. After reading through this forum, listening to the Jeff Brown podcast #017, and speaking with people who know better than me; I've roughed out this plan. I still feel like I am a ways away from a strong execution plan. Any feedback would be great.

Some background info:

• Currently focused on fix and flips, but open to any opportunity
• The account is from a previous employer
• I currently have a loan against the account for a rehab that will be on the market in a couple of weeks - It’s in a fast selling market and I don’t expect it to sit long

Plan:

1. Roll the total of the existing 401k into a self-directed account
2. 1. Solo 401k or IRA?
   2. Does the business need to be already established to do this?
   3. If I do, can I start a business now before the home sale and consider that sale revenue of the business?
   4. What are the benefits or pitfalls of doing that?
   5. Who to talk to – lawyer, CPA, financial adviser, and/or other?
3. Use some percentage of the self-directed account to fund the growth of a real estate investment business
4. 1. How does the IRS or trustee define “fund the growth of a real estate business”?
5. Use the profits of the business to pay dividends into the account on a periodic basis
   
   1. Is it legal to pay a retirement account dividends?