It is that easy to gain more knowledge and be more skilled when it comes to the real estate industry.

Welcome to part one of a three-part series that can help you gain the competitive edge you’ve been wanting to succeed and to help you become the best you can be.

I didn't have assets to sell or any passive income to help me out as a college student.

And so, I return to BP, on my quest to gain the skills I need to attain financial independence!

Sure, Ken.Especially since he wants to be a passive investor, it would be much simpler to be a member of your LLC if these are the only assets that will be inside it. 

I am looking for a job that requires less hours and energy so I can spend more time analyzing and pursuing deals until eventually I reach financial freedom (let's call it passive 10k a month) and can quit my day job to further expand my real estate business.

(Approximately 200,000 over the life of the loan)2) What are the pros and cons for him selling the property to me on a land contract as it pertains to capital gains? 

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m)The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company  (IRA LLC) must be utilized.

How much did he gain by selling it?

This is a way to structure the sale so that the seller can get cash at closing and defer the capital gains tax and depreciation recapture for 30 years.