Thanks @Dave Foster!

The biggest mistake I see is people add employees or don't understand control groups with the solo plans. 

My employee told me that as long as you pay "minimum balance" every month and pay off the balance, the credit score won't take a damage hit.

@Dave Foster when you're a one man show with big goals you gotta be wired.

learn about 1031 tax deferred exchangescomplete you financial package - 3 years tax returns P&L - real estate portfolio, credit scoreexpect to be rejected by lenders and other W-2 employees - qualify lenders, bankers, mortgage brokers - ask what products they have - see if you qualify for themlook at 20 buildings before offering on any - know the SF dollar cost - keep a journalmail lots of letters (be professional NO yellow childish communications) to owners of apartment buildingsUnderstand what a CAP rate is and how to get to it - fill out your  commercial APODVerify -verify - verify all financial data given you by sellers - sellers are liars (so are buyers) trust NO One!

One of the members of the partnership DOES have a broker's license--would it be legal for us to officially call him the property manager, and I would work under him as an "employee", but I'm really the one doing all of the actual work involved?

It also came with an employee, who has been running the place for about 10 years.

@Jennifer UmbaughTo learn more about the IRA prohibited transaction rules, see the following. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-prohibited-transactions

If you fired that employee you'd be better served giving as little info as required.

For those who are self-employed with no full time employees, the Solo 401(k) format provides similar checkbook control over funds in a slightly different configuration - but with a more robust retirement plan.Several providers of both services are active here on BP.