I called her out in front of her new husband and her adult children because she was having a nervous breakdown from crazy tenants running a homeless hotel behind the garage, tenants with horrible child custody battles duking it out in the parking lot, and tenants threatening to kill her.

While you may not need a CPA, I think it would be a wise move to go to one of the financial custodial companies specializing in Solo 401ks to help you set it up, or at least educate yourself about these types of accounts before you open one.

You get a lot of benefits out of that vs. a custodial IRA:1.

A tenant going through a child custody battle tried to frame the ex by setting the house on fire. 

I am wanting to open a custodial account for my son who just turned 1.

  @Steve TseWe custody many of our clients at Interactive Brokers which currently is offering 4.08% just for sitting in cash (no money market or CDs). 

When you work with a quality firm that specializes in the establishment and support of these programs, you effectively get a much better package deal that includes the setup and some kind of support (quality depending on who you choose to work with).Whether you need the checkbook control offered by an IRA LLC or Solo 401(k) will depend on your investment goals.Prices range widely depending on the business model (custodian vs checkbook control) and company you choose to work with, as well as potentially the number and type of investments you will make or the value of the account (in some custodial pricing models).  

Ed, I hear your points and I am sure they are all very valid.A few things should be kept in mind, IMHO:You probably heard about the term "chain of custody".

There are only handful of lenders specializing in this area, I compiled a list of such lenders and can provided it to you as a resource:https://www.biggerpockets.com/blogs/2810/50272-lis...3) The fees for custodial IRAs vary widely so you should inquire with each custodian.

Hello @Carol Mthimkhului would say its a question of access to information of those foreclosures.If the information is easily accessible, there is bound to be substantial competition.1) i am not 100% sure but the bank keeps the title deeds for "safe custody".If you can get around that then definitely you can sell the house with no problems2) On splitting the profits,its about negotiating and what they will take.How long have they been paying down that mortgage?