Between the two, the Solo 401k offers many additional benefits if you're eligible: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.Welcome to Bigger Pockets!

You can do so directly in the custodial account.

We currently live In Tampa florida and I'm waiting on custody court for my son that I have with another female to go over based on us moving there.

We currently live In Tampa florida and I'm waiting on custody court for my son that I have with another female to go over based on us moving there.

It will also provide quite a few benefits over an IRA: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

He has joint custody of 2 children from previous marriage and I believe he gets to claim one of them on his taxes.

Non-recourse lenders typically require 40% down-payment and 10-15% reservesHere is a list of lenders offering such loans: https://www.biggerpockets.com/blogs/2810/50272-lis...If you are using custodial self-directed IRA - you will be the account owner, but will everything must flow through the custodian, they must sign all paperwork and disburse all the fundsIf you wish to be able to handle all transactions directly, consider using Checkbook IRAFlipping activity is considered an active business.

There is no custodial requirement for the 401k, so you can be your own trustee.

I have split custody of my daughter and the days I don't have her, I stay in DE (with my boyfriend).  

This leads to benefits such as materials not being exposed to adverse weather conditions (nor workers), better quality control and a clearer chain of custody throughout the building process.