First Time Flipper SFR with SOLO 401 K Funds

[Kishore P.]

Hello:
I have come across an opportunity to finance as a lender with a flip for Single Family Residence (SFR) lake from the property with Solo 401 K.

Not sure how? to go about with (a) Due Diligence (B) contract with the General Contractor (GC) who has first position lien and on the SFR (c) Terms, (d) Contingencies that I should be aware of in the event of delays, Cost overruns, Fire, Flood, Thunderstorm, Burglary, and Destruction of property (e) Different Exit strategies depending on the situation

My Ask: I'm looking for a referral with the TItle Company in Michigan or Real Estate Attorney who could put this deal together and navigate this deal and put the contract together

Background:

The GC got into the cash for keys program with the owner of SFR who had a mortgage with a bank. GC paid the $$$'s (not sure amount was exchanged, waiting for additional info.) GC proceeded with the Rehab, the homeowner would not vacate. In July 2021 Sheriff's sale is expected to occur where the GC would take possession of property that is currently vacant.

Ask by the GC: Come in as lender to finance the Rehab.

Current Price = $ 180,000.00, Rehab = $ 50,000.00,ARV = $ 320,000.00

 My initial thoughts are as follows:

Go into a JV or partnership with the GC get 25 % equity into the deal, finance the Rehab as a lender from SOLO 401k. Double my money with interest annualized 15% interest for the duration of the rehab until sold.

Contingencies:

The property needs to completed within 30-45 days, put on the market, and sold by 60 days

My solo 401 K is the second lien on the property.

The property if not sold within 60 days the GC shall sell the house to me for the negotiated purchase price of $ 270,000.00
Property to carry umbrella policy to replace man-made and natural calamities.

Should the cost overruns increase the lender's equity will proportionally increase.

Is this a win-win for both parties if the deal goes south if the GC doesn't keep his end of the bargain of completing the project within 45 days and not sell in 60 days?

Constructive ideas and suggestions would certainly be appreciated.

Thank you

Best Regards

Kishore P