Properties of that size are typically owned by more sophisticated investors. 

You definitely need to have some professional help to get the payroll accounting correct since that is always changing. 

There's nothing wrong with the practice as long as the sponsor is disclosing what they are doing and they are recapitalizing at a basis that provides substantially similar economics to the investor as would an arms-length sale.In the institutional space there's little room for fraud because the outgoing institutional LP has analysts and is sophisticated enough to detect any nefarious intent, plus they probably also have some major decision rights. 

Here, he would be entitled to his interest (and points if he’s sophisticated enough to require them) and you would keep the remaining profits.Only about 1347 variations on this, but those are the basics of an equity interest and a debt interest in a flip.

To answer more specifically your question about costs, there are a lot of expenses that you'd want to watch out for including cost of goods sold (if they have a store or propane), utilities (a HUGE percentage of expenses for a park), payroll, maintenance, landscaping, CC fees, well and septic testing and maintenance, insurance, taxes, licensing and fees, etc.Good luck and let me know if you have any pinpointed questions - happy to help.  

It would go through your custodian at that point, since it wouldn't be a solo 401K.Dan, I think you just gave me the solution right here.I already asked my payroll company about creating a 401k to transfer my IRA and then getting the loan.

All other additional informations (rehab estimates, rent estimate, cap rates, ROI) are unnecessary as any sophisticated buyer won’t trust your numbers and will always end up doing their own due diligence.

Many partnerships often do a 50/50 spilt - one party supplies funds, the other all the work.More sophisticated arrangements, like syndications, trend to 80/20 or even 90/10.You're situation is more complicated as you'll be living in one of the units.

If the seller is sophisticated and the contract you've used is not tight he could sue you for non-performance even though you don't have any $. 

With your connections within the industry, I'm sure you have access to some very sophisticated investments and opportunities.