The process is fairly straight forward as long as the 401k has a separate TIN than the company.  

Rolls Royce is owned by BMW and is a separate entity.

They all have their own separate oil tanks/electric meters etc. and there is well water.

If not in the city, and not in the ETJ, then it's a lot easier, provided you can get water (probably need to drill water wells so thats a separate ground water district) and sanitation (some sort of onsite sewage treatment).

This separates you from the business, avoids commingling funds, and helps with accounting and tax return preparation.Good luck. 

I need to get a separate liability policy, hopefully one policy that covers multiple properties, in the event someone tries to sue.

I have three different tenants all paying separately for one house. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

He is not trying to open a personal account; he is trying to open an account for the 401k, which is a qualified retirement plan and needs a separate account.

While I prefer to see properties hit the open market as that's often where the most value is realized, I have seen deals that made sense for all the parties involved that did not hit the open market.For returns, commercial investments do operate differently than residential, and the primary difference I see is the emotion vs. numbers of the deal.