-Setting Criteria: Defining specific criteria such as location, property type, Financing Options (Including Seller financing), and comfort level to narrow down options.a.

There are also often incremental fees that will lower your returns on these types of investments: property management and building fees most notably.

California has some unrealistic home values right now on top of extremely high taxes and HOA if your in certain areas or property types. 

I see too many niche STR investors looking to build abnormal property types in rural markets and they have an impossible time refinancing out of the deal. 

You need a specialty provider firm specializing in these types of account to set up IRS-compliant plan for you.Solo 401k plan is not for everyone, you must be eligible in order to establish one.

What type of soil do you have there? 

Look up properties for sale or lease and identify the most active Realtor for that city, for your type of development property. 

Unless you really are dead set on going into this type of area for your first time purchase, I would recommend you save up more and get yourself into a slightly better location.  

What made you interested in investing in this type of deal?

Then you can leverage that real estate for different types of loans.