Should I pull out 401k to purchase second home?

[Andrew Pacheco]

I’m 30 years old and I currently own a home in Southern California. I have been thinking about pulling money out of mine and my wife’s 401k to purchase a another home around $350,000. I plan on having my parents move into the second property and pay the mortgage. I wouldn’t have to worry about any monthly costs since they will take on all payments and costs. Does it make sense to pull out my 401k in order to gain an additional property? Any pros or cons?