I was by then totally freaked out and didn't buy anything that I wasn't sure about (which was precious little).The challenge with options, especially for newbies trying to wholesale, is that you have to be working with sellers that aren't in a hurry to sell and understand why you are optioning.

Great discussion, thanks for starting it :) As for myself, I'd definitely do it all over again - it's tempting to say I wouldn't make the same mistakes, but I've learned a great deal from those as well, so I'll resist that temptation,As for the rest of your questions, I definitely agree with the above - delegation is key, and picking the right team will enable you to leverage your most precious resource (which is actually your time, not your money) in the most efficient manner.

If I had to spend all my precious spare time dealing with (and losing sleep over) the most miserable aspects of property ownership, it would be a significant obstacle to growing my business.

These calls are hard to generate and cost $$, so they should be handled like the most precious asset in your business.

Are some lenders routinely better than others in accounting for this, such as Local Credit Unions vs Commercial Loans vs FHA, etc.....Is there ever consideration given of the precious owners rental income stream as to the quality/probability of an income stream?

@Gretchen KnizeThe following compares the solo 401k vs the IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andNeither may be invested in your own Retirement funds business startup.The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2015; the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

Welcome to BP Tyler, what a precious picture of you and your baby : >Lots of good info here from everyone.

hi Jason.Personally, I believe that gold is a super investment at this time and if you read some of the books like Aftershock as pointed out by Charlie B, the author points out that we have several bubbles going right now and if/when they pop, everybody is going to run to precious metals such as gold which will consequently sky rocket.

With a self-directed IRA, you can invest in real estate, stocks, mortgages, franchises, partnerships, precious metals, private equity and tax liens.

It certainly makes more sense, then wasting precious time.