He was stating that to use it as an backdrop to tell people he has a backup plan.

I even identified a viable property to do this already, but may not have my ducks in line yet to execute with a group.If I can get a fund going, I plan to scale it and do more of these projects since I have the blue print to do this over and over, but just need cash.

My plan would be use the 401k kind of like a hard money loan where I'd acquire the property, rehab it, then refinance long term, pay off the 401k loan and get it rented.

@Martti Eckert how do you plan to find reputable contractors that won't take advantage of you when they find out you're OOS?

Got this one for 30K, only needed floors and kitchen redone.

That's already in the law and applies to floors, windows, lawn, etc.

It would also be nice to know what you plan to do with the property once it is built. 

I asked about 3rd party accounting.His response was it'll take 6-8 weeks at least for them to come up with a plan but the conversion to shares is permanent.

Strategize and plan. 

Sounds like a good plan @Stephanie Medina!