SIRA, E-QRP, Investing in Real Estate/Vacation Beach House

[Tony L Holland]

Just turned 60 and want to move my money out of my workplace investments (mix of 401k, IRAs) with Fidelity.  I own 3 homes (2 outright) and one is a vacation home rental that I owe just under a 1/2 mill on. Note: It pays for itself.

I am wanting to use my investment money to buy another beach house that I need to renovate extensively, add a new pool, etc... I'd like to rent it out for a year, two, maybe more and sell it when the market is right which will require the interest rates to come way down which will take time but maybe never if Biden somehow stays in office.

Question, which is best for me SDIRA, or e-QRP. I want to pay for contractors, supplies, installation, etc...  I also will need to finance the house. I'm hoping to use my funds for the 15% down payment and all the stuff I need to buy and contractors. I will need to use my money to make Mortgage, Insurance and Tax payments on it until I can get it with a Vacation Rental company (I use Vacasa)  I have a good job making over 6 digits that I plan to keep working at for another 5 years unless I sell this house and do really well which is highly possible from my experience unless the market tanks similar to 2008. 

Note: I am in Kentucky, Own a home in Lexington, One in Indiana and a Beach house in Florida. Looking to buy another in Florida with this.

Advice?  

[Tony L Holland]

I am not interested in tying up property that I currently own free and clear. My wife would freak out and not go for that at all. I am much more willing to take risk with my investments but wanting to stay married. SDIRA , e-QRP are a possibility for me. Have about $325k to use which more than covers what I think that I need to get the home ready and on the rental market. Let it sit there a soak until it's time to set the hook.