My arrangement with partnering they bring the funds to close and front the reno and I handle all the construction and sale of the property for a 50/50 split of profits, well I guess that's just not good enough for people.

On the other hand I could but a fixer upper, pay the payment on it and then hopefully sell for a small profit to help fund another deal.Thoughts?

Ask for 3 years PnL (profit and loss) for the building, as well as rent rolls. give yourself at least 30 days due diligence after they deliver the info to you. 

The cumulative effects of paying tax on your profits every year is underestimated by most — we're talking tens if not hundreds of thousands of dollars for even a modest investor over 30 years or so — and being able to defer those taxes for decades so as to reinvest all profits will be a boon to your net worth and financial position.Also, be wary of "flipping," per se, in your Solo 401(k) as you could come under the purview of the UBTI rules, with the result that you would have to pay tax, and the whole point of investing through a 401(k) is to defer tax. 

You should keep track of income and expenses to put together a profit and loss statement, which will ultimately go onto the schedule E (rents and royalty). 

Welcome, @Julie BaekYes, SoCal can be a tough nut to crack for newbies.A couple years ago I mailed out lots of letters to homeowners across LA County with no luck.Then I tried rural Kern County and got a deal from a distressed homeowner in California City.The margins were not as large as they would've been in LA or OC, but I was able to rent it out for 2 years before fixing it up and selling it for a decent gain.Also, have you considered an owner-occupied small multifamily for your first deal?

I have one in Oregon that is just under 10 million and typical hard money rates are being quoted.. however frankly if you still cant make nice profit paying for HML or private money then the deal is probably to tight. if your talking 10 points and 20% then ya that would  be a little bit high.but 2 to 5 and 10 to 14 is in the all park.. for a HIGH risk horizontal loan.I just did one personally ( i was the lender) in Orlando and we were up there on the top end of what i am talking bout 30% apr  but the developer snag a great deal and will still make a few million on it while paying me 100k for a 700k loan he used for 7 months.. that seemed fair all around..

I actually used to live in Valley Village (Magnolia and Laurel Canyon).Anyway, SoCal can be a tough nut to crack for newbies.A couple years ago I mailed out lots of letters to homeowners across LA County with no luck.Then I tried rural Kern County and got a deal from a distressed homeowner in California City.The margins were not as large as they would've been in LA or OC, but I was able to rent it out for 2 years before fixing it up and selling it for a decent gain.Also, have you considered an owner-occupied small multifamily for your first deal?

I think it's a fantastic idea and will be profitable for me given what I paid for the other place.

The difference would be my ''pre-tax'' (before tax) profit.