Ideally what I would want to do is pay myself about 7000-10000 per year or so, pay self employment taxes out of there and then contribute the remainder to a retirement account.

You have to go to the court online docket and physically type in their names to check for records.

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

Even if they are all good, they will find someone to blame, and you are an easy target since you did that work without permits.Then, as @Bruce Woodruff stated, are you going to be aware if your contractor doesn't do everything to code (# and type of outlets, smoke/co det., proper egress, etc).

However, if it is a self-directed 401k plan, then you have more control over the investments, and there are no limitations except for a few types of prohibited transactions.

She is not the type to pay rent and has always paid late and late fees.

Essentially, I’m buying out my partners and transferring the lots to my own LLC.1.Do I need a purchase and sale agreement for this type of transaction? 

That is certainly ideal for 4+ people in a house.

We work with all types of investors and we love getting feedback on our deals.

Those types of properties are usually pure cash flow options.