This is basically a math problem that will depend on both you personal finances & also how much of this is an investment vs you want a nice house to live in4.

I had the initial call with a PadSplit sales person, but I wanted to talk to somebody who's actually doing it to get their perspective and advice.

Quote from @Sharon Bancroft: @Cameron MarmonI had this same situation and my tax accountant filed the change for me ( one time filling) and we now file it on our personal as a disregarded entity.

@Enrique Toledo  If the seller is firm at 10% down, you can always get a personal loan for that 10%. 

@Dona CardenasI personally think actually owning physical real estate is the best way to go especially using leverage.  

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

If not from the person in office, then definitely from the person running against them.

I personally would revisit your strategy of buying a negative cash flow property in SoCal, right now.

Quote from @Basit Siddiqi: I personally would not buy real estate with a retirement account.There are just too many headaches that are not worth the potential increased return.Some headaches when it comes to investing in real estate with a retirement account1) LTV values are less and harder to find lenders.2) Potential to sell or partially distibute the property if you have to do a RMD(Required Minimum Distribution)3) If you run out of cash and have to make a major repair, you may be out of luck and have to sell.4) Having to potentially worry about UBTI(Unrelated Business Taxable Income)I would personally invest in stocks/bonds/notes with a retirement account.I buy deals with cash and use a ROTH SDIRA so there are no RMD's.I buy at huge discounts to retail.

Most properties seem to be overpriced, often listed by pro investors trying to unload them, and have been sitting on the market for six months or longer.While I could put 50% down to make the cash flow work, that approach would likely derail my goal of acquiring four units in four years.