Solo401K - How to administer a loan to myself

[Jeff Caravalho]

Hi BP,  I would like to loan myself 50K from my solo401K to pick up a foreclosure at auction.  My custodian says it's my responsibility to administer it.  Seeking direction on the best way to do that.  I'd like to minimize my payments on this, so 50K over 5 yrs.  Do I need to set up an excel spreadsheet?  What exactly does he mean by administer?  I know I need to fill out my own loan application & promissory note, where do I send those docs, to the custodian?  what else do I need to do to satisfy the requirements here, especially for the IRS.  Thanks!