@Nick CoplandHi Nick,I'll preface this with the fact that I am a long-term rental guy.. not Mid Term... but most still applies....I think the answer to your question is a function of your abilities and availability.

Buy a functional but very dated "estate" type property do a mostly cosmetic rehab and resell. 

.- Is the layout functional?

I will also say, it provides a lot more functionality than just base prices (im sure other products do also). it can decrease prices as dates get closer to encourage bookings, minimum night bookings, increase prices when rentals in the area are booked.

The lock is not functional, seems like they broke the lock.

Have you; checked for code violations, seen the SPD, checked crime/safety, if tenants are paying, if mechanicals are properly functioning, flood zone, etc?

You still need a custodian similar to the SDIRA, but you can function as the Plan Administer of your Solo 401K Retirement Plan. 

Property overview (high level): Stand-alone commercial buildingLarger and more functional interior layout than the prior locationFully built-out commercial kitchen (hood, suppression, bar, etc.)Adjacent outdoor patio space already set up for dining (big upside)Comes with all FF&E includedNo residential component — pure commercial use  Deal structure (seller carry): Purchase price written at $1.2M~$1.0M attributed to real estate~$200k attributed to FF&E (included in the sale) Seller financing on $900kBuyer cash in at closing: ~$275kInterest-only period initially (no balloon language currently in the contract)Target hold: 5 years, then refinance into a 25-year commercial loan  Business context: The restaurant historically did ~$950k/year in revenueWe are owner-operatorsConservative projections show the business can remain profitable even with slower $1k days mixed inGoal is consistency, margin cleanup, and NOI growth — not aggressive expansion  What I’m hoping to get feedback on: Does this structure make sense from a commercial real estate perspective?

Fifteen-year debt is also a forcing function.

The most accurate or cleanest method is one bank account per LLC, but that is tough if you are solo with 20 properties and do not have a full back office function for each.