401k for rental property

[Mike T.]

I am interested in acquiring a rental property for some additional income now and for the future. I am 50, so I don’t have a lot of time or ability to save up for a down payment. I have a small 401k and I have the opportunity to withdraw funds penalty free. I’m worried about depleting from my already small 401k, however, I will get a pension once I retire. So I was thinking this may be my opportunity to acquire a down payment to invest in a rental property.

I’ve been reading a lot, but I would love to get some advice from people that are actually in the RE and finance space, since this is all new to me.

Appreciate your time and feedback!