We are past all that now and are excited/delighted about our #3 addition to the family however it has put a pause on all the above since we feel we should hold onto the cash for security and any unexpected stuff that may come up.

You can take participant loans from the 401k, you don't need the additional expense and administration of an LLC to have checkbook control, and there is a built in-Roth component if you'd like to make tax-free investments.

By being conservative, you can always go to the closet for a cookie if an unexpected event occurs, or if the pace turns out to be slower.  

Thank you for pointing out the cultural component as well!

You need an operating account fund for unexpected maintenance issues, dips in occupancy, etc., which can be 1% to 5% of the purchase price (depending on the current condition).If you are funding the renovations out-of-pocket, you will need to raise that.

Sometimes it will be all you have in the face of things as cruel as finding out that they left their animals behind without food or water when they skipped out, or as malicious as lying about you to everyone in the neighborhood for months, or as painful as discovering that yes, you do need to spring for four thousand bucks of unexpected expenses in January to change out the furnace that went bad at just exactly the wrong time.

Instead, we are putting this out, with proper contingencies (inspection, appraisal, financing, etc.) to give confidence to the seller that you intend to buy at your stated terms, barring any unexpected hurdles covered by your contingencies--which can ethically be negotiated should they arise. 

Did every major component and appliance get replaced during the latest renovation? 

It does require self-employment activity, but has a lot of advantages: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

Joe Tomko - my aunt’s husband recently passed away unexpectedly in his early 60’s.