If you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a speciality trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.Can I contribute to both a Solo 401k and SDIRA?

Depending on your finances you don't necessarily need to start with a duplex, but I wouldn't go any more than 4 unit if you're going residential.

I’m happy to share my own tips and experiences as well.

To thrive in real estate investing, you must maintain a firm grip on your finances.

If there aren't any massive physical problems with the property, it appears you can grow income and equity.You might be able to buy this with little cash out of pocket if the seller owns it free and clear and was willing to finance nearly all of it.  

I’d appreciate any input you can offer on everything from financing to construction challenges.

I have $25K cash for a down payment and can add $20K/year ($1,600/month) toward payments.No W2s, I've looked into building a small home right away and using a bank statements loan (have about 8800. monthly income) , but with 9%+ interest rates, it’s beyond my budget.Is there any sort of creative financing ideas possible or private lender possibilities?

I can run and model numbers and am a CPA so comfortable with the finance side of things.

And if you're not already using the same paint color on all properties, you should start and you can thank me for this tip later.

I would use 30k + 24k (Fund 1) + 401k to finance the duplex.