The closing is on Friday.I've been marketing the property and have some applicants plus one rollover tenant from the old landlord.Should I focus on renting the house for the summer to occupy immediately and then worry about getting students for the school year?

I have a 401k with a old employer and I’m looking to roll over into a self directed IRA to borrow against to purchase investment properties.

That usually means that he cannot rollover the money just yet.

There is a maximum yearly contribution that you can put into it (for employee contributions and profit sharing).You can also roll over fund from your IRA and maybe other 401, 403, 457 plans that you have if the sponsor authorize it (usually after separation of employment only).

To do so, you will need to find a custodian allowing alternative investments, open new account with them and fund it with the rollover from your existing IRA.The income from the property owned by the IRA belongs to the IRA.

I noticed that we could use the 1035 form to roll over profits from a sale to the next property to potentially shield from tax liability but I am still studying that area.

Even my 12m lease does not roll over into m2m.

Be sure you understand what their leasing fees are, what lease renewals cost, what evictions cost, if they charge any maintenance markups, are there any fees for vacancy times, and if they charge any other fees.Pro-tip: Ask how often they evaluate the rental price at the end of a lease before renewing at same price or just letting it roll over to month to month.

A personal loanYou give them a first mortgage on the propertyYou make monthly interest payments to themBalloon principal in 3-5 years(or roll over to another term)Simple dealNo partnerships, no investors, just people loaning you the money. 

If your income exceeds the Roth IRA income threshold limits, and you already have Traditional IRA accounts, I recommend transferring the IRAs into your current 401(k) Plan(s), assuming incoming rollovers are allowed.