You actively watch over the process and participate as much as you can in the process.  

I am still with a fulltime W2 and can not participate until After 5 PM.

Participate here in BP, on Facebook groups, and go to local meetups.

I do not own any large multifamily and have not participated in any syndication.  

If you are looking to buy the sub $300K all-in cost single family flips or the $200,000 duplexes, you are going to be competing with a lot of market participants.

Or if you are using the home as a short-term rental, you could try to qualify as "materially participating" and use the short-term rental loophole. 

AND materially participating in your rental activities (spending 500 hours or more on your rentals OR 100 hours and more then anyone else OR doing all the work) 

You need to be materially participating in those hours for them to count.

The program had a very small sample size as there weren't many participants + as you mentioned, renovation/conversion costs were extremely high for landlords.For your question, an architect would be a great contact.

--------------The rules regarding 401(k) loans can vary depending on the specific plan, but here are some general guidelines that may apply to your situation:Employment Status: Typically, 401(k) loans are available to active employees who participate in an employer-sponsored retirement plan.