How can I fund flip projects from an i401k

[Timothy Sturgis]

I have recently formed an LLC with a business partner to flip properties. I have a couple 401k’s from past employment with nice balances that I would like to tap in to use as funding for our projects. The LLC is a 50/50 where we intend to contribute equally to initial investment (property acquisition) and for rehab costs. As I understand it, I need to first convert it to an i401k. Once that is done, how much of the balance can I use and how do I go about setting this up. Keep in mind that the LLC is a 50/50 between me and my biz partner. Also - does all of the profit from the flip have to go back in to the i401k or can some of the profit be appropriately taxed held outside the i401k? Suggestions?