As an agent who has worked almost exclusively with investors for years, I almost automatically take the approach of saying “no” first.

@Alicia Prokos (and anyone else in the same position) A 401k plan is a type of Qualified Retirement Plan, in which there are - at a minimum - 2 essential roles: Trustee and Administrator.Plan administrator – The person who is identified in the plan document as having responsibility for running the plan.Plan trustee – Someone who has the exclusive authority and discretion to manage and control the plan assets.In the overwhelming majority of plans, it is the business owner and/or the business entity adopting the plan that fill these roles.Companies that provide 401k administrative services are more aptly called "third-party administrators."

Again, depends on how you're planning to use the property (exclusively investment, blended occupancy/rental, or full-time occupancy) - if investment only an LLC would be the move. 

@Angelo LlamasAt the bare minimum, you should do the following to make your bookkeeping easier:- Dedicate one checking account and credit card exclusively to real estate.

In a business, I’d say owner “net profits” (exclusive of any owner salary) of $200,000- $1 million.  

Back by popular request: participating in Momentum 2025 will give you exclusive access to self-guided mastermind groups to make real, lasting connections with others on their journeyGet all of the information, and access to early bird pricing here https://get.biggerpockets.com/momentum2025/What questions do you have about Momentum 2025?

This deal is not exclusive by any means, just trying to help people get deals done. 

This contract includes an exclusivity clause to prevent your clients from bypassing you and going straight to the lenders to cut out your commission. 

I am admittedly a newb in the process of getting all of this set up for my first rental (so correct me if I'm wrong) as well but I have some IL-specific perspective to offer: From what I have read, as of 1 Jan 2024 in IL, landlords cannot exclusively accept EFT payment of rents (includes Venmo, Zelle, etc.) for leases starting on or after that date.

Desperation is not an exclusion to the rules.