How does getting into a triple-net investment (which I am thinking of, basically, as being an annuity) differ from buying property in the usual way?

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth 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 business. 

Kinda a breath thread, but mostly I want to figure out how to convert my management intensive equity into something more easily managed like apartment complex's for high cash flow, and fixed index annuities for hands off security.

When you look at creative financing in this light, you go beyond types of lenders, seller financing or cash purchases, the use of other assets.As mentioned, you do need to recognize seller's motivations, understand personal finance well enough that you can make informed suggestions.You can utilize just about any other asset, that has a determinable value, value must be found and agreed to in order to use it.I've used stocks, bonds, other real estate equities, personal property like boats, vehicles even an airplane have been used, accounts receivables, existing leases or new leases can be pledged or cashed in, annuities, judgments, inventory and a & of sales have been used in some of my deals.Anything of value, held now or to be received in the future, that is marketable can be a source for leveraging a transaction. 

This is kind of like creating your own annuity with real estate.There is not much "sheltering" benefit of this transaction.  

I wouldn't even compare this to an annuity because an annuity would pay you your dividends for the rest of your life, but I can't justify above market rent anymore once the paint and the carpet is old.Though a lot of people do tell me it is just better to do these cosmetic rehabs, etc. upfront - though I guess I still don't understand why.  

@Thomas Schieffer we have friends (a couple) who have a nice lifestyle living off social security and an annuity.

@Mickey Busanet, a 2.79%/y annuity is a terrible return!

(old) you could live off that money until you die. they said retirement is a "3 legged stool", meaning social security, pensions, and an annuity from your 401K winnings. 

Well you get your principal finally but you lose that 10% "annuity."