I don't actually have much to contribute, mostly just wanted to lend some virtual support and empathize with how much this situation completely sucks.

I would assume I would set up an LLC and we would determine ownership %s based on capital contributions or otherwise.

Scour the forums, listen to all the podcasts, and contribute as much as you can.

You do not handle the funds directly.If you pool the money together, all the investors will contribute a certain amount, which is deposited in a general account and used for real estate projects.

The operating agreement (OA) details what member is responsible for what task(s) and how capital funds are contributed.

But many Solo 401k clients are starting by setting up a brand new self-directed account from scratch because IRS rules allow large contributions (up to $60,000 per year per participant) into the Solo 401k plan which give them very good start.With small amount of funds you will have very limited investment options.

They need to do a better job of setting an annual budget including contributions to reserves for major repairs and replacements.

With a sponsoring employer producing limited income, the key benefit of higher contributions in the Solo 401(k) would be moot.Get out and learn more about the program and see if it will be a good fit for you.  

But, as I reflected on the experience I realized that many other people contributed to us reaching this point.I want to acknowledge the strength of community – and touch on a small portion of how the community helped us.

Done right with the right investments over the next 10 yrs I can see myself maximizing the new IRA while also building a new 401 or deciding to not contribute and use the funds for out of retirement plan investments.