Find a lender willing to be in 2nd position or find family or friends willing to invest in your project---if they have IRAs, they can roll over into a self-directed and invest in your project. 

This will give them ability to rollover other retirement accounts and make new contributions.

Should he just rollover and die?

In fact, I was able to rollover my 401k into a self-direct IRA which I use for RE.

Thus it limits a high-income individual's (like @Andrey Y.) ability to contribute to a backdoor Roth IRA to a pro-rata basis rather than the full annual limit ($5,500/year) unless he's willing to convert the rollover IRA into a Roth and take the one-time tax hit.Out of curiosity, do any of your investors with 1099 income use solo-401k's to fund their real estate ventures?

If it proves itself to be a scam by a competitor to make airbnb look bad, then I doubt that airbnb will just roll over and play dead.

But somehow the California Builders and the Apartment Association decided to roll over on this.

I used my IRA money with a 60 Day Rollover (then Refinanced it) and Home Equity line to buy this cash.

Your friend has been lucky if no tenant has left in twelve years and skilled if roll over has not created any down time.Either way pricing rent below market is simply supplementing a tenants rent and has very little bearing on how long a tenant will stay.

@Nathan Emmert @Lumi Ispas remember that although you may not take losses over 150k FOR THAT PARTICULAR YEAR that it rolls over and could come in handy later for a year when you do not make 150k, or alternatively, when the property is sold. you only need to be a real estate professional for one year to suck all the roll over losses up that accumulate over the years.