Given the SoCal prices, the unknown future effects on real estate from Covid and elections, it might make sense to continue saving up so that you can make a GREAT purchase in the near future, rather than a decent purchase now.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

If you have time to dig through tax lists and send out mailers that seems to be an extremely effective strategy for finding low-cost deals.

@Dan Heuschele such a detailed and helpful insight on honing in on the most effective types of meet-ups. just getting started on my journey and excited to learn more. thank you for sharing!

I would venture to guess since you are especially concerned with this and not optimistic about your ability to obtain a loan based on personal income or qualifications, an LLC is a good fit.A word of caution:  the only way an LLC is effective in limiting the liability that it is intended to limit is when the operator operates it like a business. 

Hello, there is a decently large plot of land (180 acres) about 5 minutes from the town where i work (Sherbrooke, population 150k), that i heard "through a friend" is for sale by the owner. the land has ~60 acres of cleared land and 120 acres of forest. it will probably sell for around 700,000. does anyone know of some creative ways to make money off farm land or forest?

@Christopher Brown the question of legal entity is (obviously) a legal question, and if you're going to do real estate you'll need to form a relationship with a real estate attorney anyway, so I'd recommend you find a good real estate attorney (I can recommend a few in RI if you don't know any) and ask her/him.As a "general rule", for an active business with earned income such as wholesaling, an S corporation (either an actual corporation or LLC taxed as an S-corp) is commonly recommended, and a flow-through entity such as a single member LLC, partnership LLC or trust is commonly recommended for holding rental properties (rental income).There are subtleties between the right entity for legal protection, and for tax effectiveness, and the right answer for you and your situation might not be the right answer for someone else, so it's really a good idea to consult with an attorney and tax advisor about your specific situation and plans.

Remember the forbearance won’t effect your credit, well it won’t from a score perspective, but it will when underwriting gets it.If you find a good deal in any market or economy jump on it.  

Surrounding 2 bed 1 bath houses in this neighborhood are going for 625k-650k which mean if I purchase this plot for 200k build a new similar 2 bed 1 bath house for estimate of 350k on the building costs to be safe, that puts me all In at 550k leaving a margin to sell for 50-100k profits.My questions is what kind of loans do I look for for development or should I look.

Effectively losing one rental but gaining two more (would move out of my current house with ADU and have it 100% rented).A driving factor is how will selling this asset accelerate you to your next goal?