I’m back now and looking for some guidance on an idea that caught my attention.An old high school friend of mine has been buying older houses, either renovating or tearing them down and rebuilding, depending on their condition.

It was only purchased about a year ago and is in really good condition and fits the space really well.

Summary of expensesNOICap Rate Condition of the building systems  

I doubt any respectable lender will consider a property without electricity and missing breakers as "working" as the property is not habitable in this condition.

I know conventional lending could become an issue depending on the condition of the property.

Prohibited transactions can result in penalties and disqualification of the Solo 401(k).2.

They’re fully renovated (or in good condition) and often come with tenants already in place, so you can start making rental income right away. 

It isn't just the condition of the property but ownership situations like this.

Appreciation, maintenance, neighborhood, eviction rate, proximity, condition, etc.

If you're planning to sell later, Ohio requires quite a bit of disclosure about property conditions.