Pull funds, Roll-over to self-directed, or keep in 401k

[Brady Hoffpauir]

Question from an investor:  They would like to use their retirement account to invest in RE.   From a long term investment perspective (10-20 yrs), has anyone evaluated the financial comparison of the following: 

1. 1) Keep money in their current employer 401k (5-8% average annual return over long term)
2. 2) Roll over ~100k to a self-directed account and invest in a syndication as a passive investor
3. 3) Early withdraw ~100k from their employer 401k, pay the 10% penalty + taxes, and invest in a syndication as a passive investor.  

Of course the intent would be to continue the re-investment of the funds in RE from that point forward.  

Curious if anyone has done the math to show how the long term financial comparison plays out, considering taxes, fees, how the tax benefits (depreciation) of real property outside of a retirement account offsets the penalties of withdrawing money early, etc.  

Would love to get the BiggerPockets community's feedback - especially if you have a case study or example.

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