The 401(k) format is a more powerful retirement plan and has higher contribution limits than an IRA in addition to some other potential advantages.Both the IRA and 401k plans with checkbook control provide a real advantage if you will be investing in multiple projects, projects with a need for quick reaction time for funding, or assets that require frequent ongoing expenditures such as rental property (taxes, insurance, repairs, deposit of rents, etc).There is a lot of good information here on BP that will help you to identify some providers of the above services, and I'm sure some members will chime in with their experiences.

I was wondering since it is a condo with HOA fees,if I need to still account for capital expenditures and or repairs?

Management decisions that are relevant in determining whether you actively participate include approving new tenants, deciding on rental terms, approving capital or repair expenditures, and other similar decisions.There is a phase out if your MAGI is above $100,000. 

We also keep all monthly expenditures low. 

Expenditures: Roughly $900/mo (25%) in fixed costs (utilities, internet, gas, phone, car insurance)$1750/mo (50%) going toward debt repayment (77k in student loans, 82k mortgage, 3k credit card) - note: if i paid just the min on everything it would be about $1170/mo but im trying to pay down the higher interest stuff$500/mo (15%) going toward retirement/general savings, which i currently have as $100 purchasing a combo of whole life and term life insurance, $100 going into a roth ira, and $300 going into a mutual fund account which gives me a little bit of liquidity.

Ryan:I have not looked at the BP Calculator in a while - we wrote our own analysis software for in-house use - however, financing is quite different here in Canada: there are no "points" or origin fees on residential financing and interest on much/most {residential} mortgage financing is calculated differently.In a more general sense, the last time I looked at the BP calculators, they included CAPEx as an expense - it's actually a "blow the line" expenditure taken from retained earnings.

In wholesaling, once you have the structure set up, and all of your intital capital expenditures are made (if you choose to do all of that first) I would say that for me, marketing is at least 80% of what I do.

@Tyler Wenzel I allocate 0.1% of the purchase price per month for operations and capital expenditures.

SaveAnalyze current expenses:- create spreadsheet of ALL expenditures over last three months - find and reduce or eliminate any expenses you don't need or love- target 15% monthly reduction.

@Ryan Harthan Good definition, except for including capital expenditures in expenses.