In that case, the self-directed IRA LLC is an equivalent program providing full control over investments and the ability to invest in anything the IRS rules allow.Generally speaking, when someone is self-employed and has no full time employees, and looks to be in that situation for some time, then the Solo 401(k) will be the better option.

That's about what I get at work so it pays for me to stay employed.

Personally, I like Indianapolis over Memphis due to the fact that it has stronger population and employment growth.

I employ the idea of finding properties not for sale yet, either.  

But David Elefant I honestly believe, having been a student tenant throughout undergrad and law school, that you must define the tenant profile you desire within the overall student housing market, if that's truly the strategy you want to employ.

This applies to employee/employer relationships as well.

Background: I am a self employed healthcare pharmacy IT consultant working 80 hours a week by day and a real estate agent and investor on the side.

Also, it's deemed to be earned income instead of a passive investment so you'll also be subject to ~15% self employment tax in addition to the income tax.

The penalties can be hefty, to include:If the misclassification was unintentional, the employer faces at least the following penalties based on the fact that all payments to misclassified independent contractors have been reclassified as wages: $50 for each Form W-2 that the employer failed to file because of classifying workers as an independent contractor.Since the employer failed to withhold income taxes, it faces penalties of 1.5% of the wages, plus 40% of the FICA taxes (social security and Medicare) that were not withheld from the employee and 100% of the matching FICA taxes the employer should have paid.

Of course, that's one in a long list of determining criteria, and like you said, unless the person is working full-time for one employer, it's probably not an issue.