This is a common misconception.

There is a misconception out there that hard money is for people with no money.

If it's still of value, it's worth clarifying some things about QRPs, Solo 401k, and Self-Directed IRAs - as over the last few months I've realized there are a few misconceptions that I repeatedly encounter:There are 2 groups of tax-sheltered retirement accounts:IRAs - Individual Retirement ArrangementsQRPs - Qualified Retirement PlansEach one of these has multiple sub-categories.

I had been very hesitant to try real estate investing due to the usual misconceptions (not enough money, lack of handyman skills etc).

@Jeff HigginsI think you might have a couple of misconceptions about the city inspector.If you are doing electrical, HVAC, structural, or plumbing work, you need to pull permits.

@Brandon Kowalski one of the biggest misconceptions out there is that out of state is easier somehow.

I own properties from the early 1900s, 1940s, 1960s, and early 2000s--and frankly, the older properties are often my favorites, and are often my best performers.One of the biggest misconceptions by inexperienced RE investors is that new houses are inherently "better" and less costly/less headache to maintain than older houses.

There is a misconception about "off-market..." 

(Not legal advice, just my opinion)It's a common misconception that an LLC is needed for every property, especially for first time investors only dealing with smaller units (1-4 units).

Misconceptions and myths keep competition almost non-existent.