The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m).The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (checkbook IRA) must be used. 

If it's a partnership - who is paying for material and labor?  

Getting a referral from a fellow investor is OK, however that contractor may be good for the referee, but could be not so good for someone else.Contractors are special individuals - they too are chasing the buck and trying to get the best deal possible.You may want to write specifications  of what you want done - once you know what you want you can better compare bids from workman.I have found that meeting real people with real tools at a time they are buying supplies and materials at Home Depot 5:30 - 6 am picking up stuff to do their daily work is sometimes an effective way to find the craftsman you are looking for at a price that will serve you well.Getting referrals is OK - but how do you know that they didn't over-charge the person who is referring you to them?

Here in AZ, title companies have many resources for agents like open house guest registers, free marketing materials to use, and other online tools. 

There are a few more cosmetic issues that I'll need to deal with, but probably no more than $500 worth of materials and labor. 

Is it customary to ask your GC for an itemized list with receipts of all materials?

If you got a good appraisal and were to leave the appraisal with your marketing materials, that should help.Now, know that the appraisal you pay for will never be used by the buyer's lender. 

REI can and should be part of that - you can and will lose money; but you also can and will make money, just as you will on stocks, bonds, ETFs, precious metals, bitcoin, INSERT INVESTMENT VEHICLE HERE.

Great stuff so far, tons of terms to understand but I love how Marty goes over material that will be on our test.

I get keeping track of the material costs, etc, for tax purposes, but what about my labor costs.