Hi Audrey, Unfortunately, that is a very common misconception. 

(Not everyone qualifies for the 401k)There's much misconception regarding the role of custodians and administrators, as well as the extent to which they should be relied on for advisory services.There are many excellent companies, but as the number of custodians/administrators has swelled it has become increasingly difficult to navigate the space.

So while I have some experience with this I am certainly not a qualified expert on it.But there are some misconceptions and, from my experience, inaccuracies, in the above post.You can NEVER lend yourself money from your IRA unless you want to risk it losing its IRA status and getting subjected to IRS penalties and fees for early withdraw.You can, however, invest in real estate with your IRA.

Yes, I did have a misconception of how an add value play would affect my HELOC, so thank you for clearing that up!

Also, a common misconception is that all developers are contractors, and all contactors are developers, that's not right.

This one of the misconceptions some wholesalers have, usually the new ones....that you can take a property that has been exposed on MLS to the market, and go find a buyer off CL, bandit signs, whatever...that will buy it for a price that none of the buyers who saw it through MLS/agents/trulia/Zillow,etc. will pay for it.

Unless I have misunderstood your situation, your loss within the LLC will be passed through and listed on your 1040, so the loss will decrease your income dollar for dollar.A common misconception, @Darron Stewart but true only under limited circumstances.  

The difference between the value of the gift and your annual exclusion of $56k ($84-28k) is still not taxed (a common misconception) but rather decreases your annual gift exclusion of $5.43MM. 

Jason A common misconception is that distressed properties only take cash offers, and/or you can't compete with cash offers with a 203k loan.

Few questions need to be answered before I can help.I think a misconception is you save money doing the work yourself, but for instance on a flip if you do the work and delay the project a month.. did you really save Money?