Discussion commence...

@Steven W.Here are some of the main items to include on the promissory note.After you have drawn up the note or if the borrower has composed it, review the note to make sure it conforms to your Solo 401k requirements and is in compliance with the regulations.Confirm that the lender is your Solo 401k (it should read as follows, for example: Smith Do Solo 401k Trust)Sign all documents as trustee of your Solo 401kMake investment using funds from your Solo 401k checking accountWhen note payments commence, deposit all payments to your Solo 401k checking account (therefore, all payments need to be made payable to your Solo 401k)

Once a foreclosure is commenced the borrower's credit is severely damaged.

Term: The term hereof shall commence on (mo.

Since the Opportunity Zone program is intended to incentivize investment in economically distressed areas, the assets must be physically located in Opportunity Zone communities.Additionally, Opportunity Funds may only invest in real estate assets if the original use of the property commences with the Opportunity Fund, or the asset is substantially improved.

So, my family has inherited a hoarder house and multiple garages and workshops that all need to be cleaned out and up etc.This commences next week so I am kind of roughing out a plan and ideas now.The two items on my list so far: Dumpster and Gloves. 

I will be working with contractors and professionals, so I do have time and the resources to actually carry out two flips - so lets try to assume this is the only issue I'm facing at this point ;)The trouble is I don't want to risk letting one go while working on the first deal - I'm seeking to basically call dibs on the 2nd of the two properties and commence work on both at the same time.

If you are not self-employed then an IRA can also be opened.Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m)The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2017, the solo 401k contribution limit is $54,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

After 10 days they must commence a lease and start paying rent to hold the property. 

At the 6 month mark I commenced the refi via my mortgage broker and I was able to refi at 70%ltv.