I worked with a colleague several years ago (pre 2008) who had a strategy for this type of investment, but it was risky and complicated.

Marie Poe.MLS is easy search, because I'm not using other marketing techniques...If MLS completely dries up, I will get more creative...lots of CA investors buying in my area also

In some training that I attended on seller financing techniques, I was introduced to the concept of the "sandwich installment sale", which is essentially buying on land contract and then selling via (a different) land contract - but I haven't done anything like that.

If you don't have a track record in the BBQ business, I'd suggest you dothe deal with the bank just as it sits, you will complicate matters, after you own it, do what you like and pay the rent.The mixed use should be viewed on a sq ft basis as to the use and seperately comped as you probably don't have a similar mixed use property sale (if you do that is what you go with).

Series LLC's are the new hype on the butcher block to legally complicate matters by individuals that can dream up all these structures and make them money in court.

Ryan,If you want to start investing but are limited in your funds and/or credit I would recommend starting off using investing techniques that don't require money or credit.There are many types of investing methods to use such as wholesaling, lease options, lease assignments, sandwich lease options, partners etc...I would recommend finding a mentor to teach you how to invest in real estate to avoid costly mistakes and save you time from trying to learn on your own.Also the investing technique you consider will need to be determined by how much time you have, how motivated you are and it is vital to know why you want to invest.I don't invest because I like to work, I invest to create financial freedom to do the things in life I have passion for such as spending time with my family and not having to worry about money and the stress it causes in my life.If there is anything I can do to help you get started please let me know.Remember anything the human mind can conceive and believe it can achieve.

Some Attorneys have the tendency to complicate things, specially if this is a BK attorney.

The key to success in real estate is to invest using techniques that will allow you to earn a good income without investing a lot of cash, also using a technique that will allow you to earn a good income and move on using lease assignments based on your current situation.

One technique (if the upgrades aren't too onerous) might be to explain to the father that you are not bound to make the upgrade but will do so because you want the two women to be comfortable in their new home.

The only potential cross-over, if you will, between using 401K funds and your deriving a personal benefit that I can think of is the complicated strategy known as Rollover as Business Startup (ROBS), where you establish a C corp for your new business, and your 401K (typically money in an old 401K) can purchase the stock of that C corp.