Different states have different rules for Statutes of Limitations.

@Carla Young,Regardless if you are new or seasoned investors, regardless if you are using custodian or have "checkbook control" - you must understand the rules.

3) How is this fee justified if managing partners are getting a split of profits?

So far, it satisfies the 1% and the 50% rule, which I know only means that it is worth crunching the numbers more.

Just using the 70% rule, you should be trying to buy it for around $45k. 

In my opinion, the only things that can justify price hikes are adding an extra bedroom or adding amenities to the property.

That way you understand already how the prior owners have rented it out, you can ask for their financials to justify the purchase, you can also hire the same management because they already have the clientele.

While you are paying your 401k back, the downside may be that you are not investing the 401k funds in investments that could make a high return for your solo 401k plan.To learn more about the solo 401k loan rules, please see the following. https://www.irs.gov/retirement-plans/retirement-pl...

The general rule I've read is that you should pay no more than 70% ARV minus rehab costs.

With the time it would take to develop this, I can justify the extra expense it’s just hard to pull the trigger on it.