I don't see any problem calling a sale price the fair market value under its definition, when investors think they got a heck of a deal, it's usually still at FMV.Many plan administrators don't want real estate because it is not a liquid asset and accounting requires valuations, annually, sounds like they are trying to ease that burden, not complicate it.

Though the tenants are paying their own heat and lights, you will still have a house electrical meter for common areas, expenses for groundskeeping (snow removal, lawn care), water and sewer, garbage collection, janitorial, pest control, administration/accounting/advertising, etc.  

Plus you can only invest in funds that your company's plan administrator has chosen for you.

Decedent Name, Decedent's property address (this is what you want to buy), Name of executor or administrator. their address and/or phone number, attorney name and phone, what kind of authority the executor/adminisratator has, info on at least 2 heirs.There's plenty of info on this site to fill in all the rest.

Prompted me to email the local zoning administrator and call the local building department. 

Small Business Administration website (https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business )"21 Things I Wish My Broker Had Told Me" by Frank Cook (Dearborn Real Estate Education 2007)."

You most certainly can sell the building before it is stabilized, but buyers will discount the validity of the buildings performance.So, to figure out the {potential} value of the building you need to:1) Determine your revenue:determine what is the market rent for each unit type in the building and calculate your scheduled rent;determine the market vacancy for the area (for each unit type) and calculate your anticipated physical vacancy;Subtract the second from the first above and you have your {projected} effective gross revenue;2) Determine your total operating expenses:These include: property tax, insurance, yard maintenance / snow removal, electricity (house metre), oil/gas (if common heat); water/sewer, garbage collection; janitorial service; maintenance (10% of effective gross revenue); Property Management (7-10% of effective gross revenue); advertising, accounting & administration, etc.3) Calculate your Net Operating Income (NOI): Effective Gross Revenue - Total Operating Expenses4) Now you need to determine/learn the price being paid for similar (i.e. same class of building) cash flows in the local area.  

Check with your 401k administrator to see if this is possible with your plan through an "in-service" distribution.There is no financial level of qualification, but setting up a plan requires that you have sufficient capital to A) conduct the type of investments you wish and B) generate sufficient returns to justify the cost and effort of establishing the plan.Plan services and fees vary greatly.  

This sounds like another version of the Nigerian prince or the barrister from South Africa whose client is dying and wants to give you $1 Million.Somewhere along the line, you'll be asked to wire a thousand dollars or so to cover the "administrative fee" and you'll never hear from them again.

No doubt Obama and his "justice" department will have some intervention.