Newbies just getting by, looking for seasoned REI advice

[William Bauman]

Hello BP,

We've heard of people getting started in REI in worse shape, is there a way for us? We'll cut to the chase, here's our dirt.

The Facts: 

Ages 51/44, Married, w/10 yr. old child

One steady income 45K

One low income & fluctuating (self employed only 2 years but growing slowly)

Living/ renting in NJ (Very expensive market, 2 family units sell over 500K)

Fair amount of debt 37K (Car loan, 2 CC, Medical bills)

Just getting by each month

Combined 401K's =  150K

My 401 (100K) can be transferred with no penalty to a self directed IRA (I had opened up last year in hopes of using some cash to invest in RE)

We are determined to get into REI however we're probably going to need some creative ways to do it with our current situation. We're hoping some of the seasoned REI vets (or any other members here on BP) would be willing to offer up some advice or outline some options we're unaware of. Yes, we're fully aware of the Dave Ramsey method to financial freedom, that's another discussion in another forum. Right now we're looking for different possibilities for entry to REI. I'm sure there are things we may have left out here, please just ask.

Thank you much,

William