So I had to change it up a little, I start looking into what roles do a landlord play, do I have to buy a house with my loan or could I buy a building with it.

The problems that I are currently out of my realm of knowledge are: 1) all of her long-term tenants are living there month to month with no lease and paying $400 below market value for that area. 2) she doesn't have rent roles or payment and income statements available.

@Andrew Votsis Depending on how involved you want to be down the line there are a couple of different ways to put the money to work, but if you want to play an active role I would just jump in with some more experienced guys and get to work!

Then you go shopping for deals together, this way you retain control and keep a somewhat active role in the business. 

Your best option is probably a FHA 203 loan, which allows you to role in renovation costs and only requires 3-5% down.

Did you renovate the property during the term of the lease, but prior to exercising your option to purchase?  

What is your role?

This role is performed by the solo 401k owner.Neither the bank nor the brokerage firm perform solo 401k reporting, such as the issuance of Form 1099R and Form 5500-EZ.

I know this is generic, but may help develop a mindset when negotiating.I have always found it best that at the end of the day there is only one boss (typically no 50/50), and there is a clear governing document (operating agreement for some entities) that outlines each members roles and responsibilities.

Hey @Ben Morrow I think this a very interesting point which I am seeing first hand in my current role in commercial real estate.