The other watchout is if you lose your job you are required to pay the money back quickly, like 30-90 days with most 401K's or the loan gets converted to a withdrawal that comes with tax implications and penalties. 

When starting out in wholesaling real estate, it's important to use agreements that protect all parties involved while ensuring a smooth transaction process.

With absolutely no prior experience investing in real estate, I'm getting to the point/age where retirement from corporate America is getting closer and closer, however I still have 2 kids to put through college over ...

A lot of those loans were made to people who never had a chance to actually pay back the loan and that resulted in a lot of people losing their homes.

Most investors make the same rookie mistake: They focus on problems instead of people.
Telling sellers everything wrong with their house and justifying your offer with repair costs doesn’t build trust—it kills it.
...

When you specifically mentioned STR experience and the possibility of something with some added "personal value" bells started going off. 

You probably don't run many applications, so I wouldn't sweat losing a little money on each one.

@Ella Marie the Pro's are you can build long term wealth, the Cons are you can lose money if you cannot properly quantify risk.

If you leave a house unsecured, there’s a chance you’ll lose a furnace or water heater.

@Geoff Engel I'm 42 with two tweens and got started on the FI journey about 10 years ago.