The two biggest variables are condition of the condo to begin with (ie. if it is old, it's more likely going to have more maintenance issues) and the quality of the tenant that's in place.

Yes you could pull those funds out of the 401k now to invest in your own name, but you will have to pay taxes and penalties on the amount you distribute prematurely which would not be wise thing to do.

So that part works for your dad.The biggest hurdle is going to be that the statutory order of a 1031 exchange is that you must sell before purchasing.  

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

If they sign a contact with you then they become a “Limited Agent” (in Utah it maybe named different in other states) in the transaction.

My biggest concern is ease of access.  

Please remove those BP podcasts and ban those members and sticky their companies and names as SCAMMERS!

I wasn't sure what category to put this in and I am not ready to name names quite yet but I am in the middle of a very frustrating RE deal.

Hello everyone,My name is Brett and attempting to learn all I can so I can start investing with in the next 6 months.

For those of you I haven't spoken with or met on BP, my name is Dean Harris and I am a licensed Real Estate Agent in TN & MS.