If they have the ability to purchase the note, why can't they just buy it directly from the bank?

I have found there are some very important questions to ask any lender but these are geared a little more for hard money lenders.Are you a direct lender?

@Rene Hosman You can read about H.S.A. investing in my new BP book - Self-Directed IRA Investing: A BiggerPockets Guide - www.BiggerPockets.com/SDIRA

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During that time I've often described the multifamily market as a traffic collision at a 4-way intersection where you had (lack of or negative) rent growth coming from one direction, and from the other directions: cap rates, expenses, and interest rates. 

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Maybe you would spend the time to recover such a small amount but should you?

The basic premise is creating an LLC, opening a line of credit, even if small. 

Based on some of the research done, I am inclined towards starting out with a small multi family investment property (2-4 multi family home).

As such, you qualified for a truly self-directed Solo 401k plan (as long as you don't have any employees working for you).