Your issue more so is the seasoning period for the refinance is what it sounds like.

Sounds like a good deal, congrats Scott!

@Kash Tacke I'm a big fan of ADU's in general especially here in the mid west, yes you could potentially be on the front of the wave, but housing density is the solution to the affordability issue, anytime you are investing with affordability in mind is a great strategy to me, and sound like there are some incentives or at least supporting winds form the local city, that in itself seems like it would be worth at least approaching an architect or contractor to bid up some plans or concepts to take tot he city.  

It sounds like you are off to a great start already especially by educating yourself! 

Four acres for a young family sounds like the stuff of cherished memories and endless possibilities.

It sounds to me that your current lender is offering 67% LTV, which is the norm for most true hard money lenders. 

In your case, it sounds like depreciation would give you a lot of benefit even without qualifying as REPS.As you mentioned, the kids will get a step up in basis when they inherit the property. 

It must make selling a house IMPOSSIBLE until its paid off since the same issue sounds like it would apply.

But, yes, it sounds like simply looking at your numbers and determining whether or not you can absorb a salary is the time to consider it. 

It sounds like you need a reliable and trustworthy partner to help you navigate this transition seamlessly while keeping your solo 401(k) on track.I’d highly BiggerPockets Partner for this, Equity Trust, a top-tier custodian in the industry.