Also, since I am starting out as a true 1 man shop, can I convert everything to a Solo 401k to use the money to get the business off the ground, then when I am at the point of hiring someone, can that Solo 401k be converted to a Self Directed IRA?

I'm submitted my first offer today.Sq Ft = 1,018List Price = $65,000Initial Offering Price = $32,000Max Limit = $40,000ARV = $125,000Realtor Fees = $7,000Closing Costs (Buy & Sell) = $1,200Inspection Fee = $350Holding Costs (Personal Loan) @ 6 months = $4-6,000Total Variable OH = $14,550Rehab Costs w/ contingency = $34,900Net Profit (ARV - Variable OH - Rehab Costs - Purchase Price) = $35,550Net Profit After-Tax (Impose short-term capital gains rate at 39.6%) = $21,827Work that needs to be done:Rebuild mudroom and re-route washing machine/dryer lines = $4,000Kitchen Rebuild: Cabinets = $1,000Granite CT installed, sealed, beveled = $1,400 New appliances (may use a 2nd hand shop) = $3,500Flooring and back splash = $1,500TOTAL Kitchen = $7,400HVAC (received quote w/ ducting install) = $6,000Front porch repair = $1,000Half-bath install 12 sq ft (@ $100 per sq ft) plus cost of supplies & equipment = $3-4,000Add closets to each bedroom = $1,500Fix ceiling water damage = $2-3,000 Foundation leveling (house has settled) = $1-2,000Renovate full bath (replace tub, new vanity, replace toilet, re-tile) = $2,500Simple landscaping (mulch and shrubs) = $500Fixtures and Hardware = $1,000Contingency = $2,000GRAND TOTAL = $34,900I'll be doing the majority of the work but will have to sub-contract out construction of the mudroom, half-bath install, and closets.Immediate Questions I'm concerned about:1) Cost to rebuild mudroom.

BUT, candlestick is getting torn down and replaced with a new shopping center.

I am looking at another 6 plex right now in an area that is on a bus line, 1 block away from a medical center, 1 block away from dinning and soon to be 2 blocks away from a new LARGE Kroger store that is going in a vacant shopping center.

If I was shopping for a new primary residence and got emotional about a particular property, that's a different calculation of 'value' entirely :-) In my experience recently, the banks seem to care more about you being able to close easily than about how much you are offering....

The neighboring buildings house a sheet metal fabrication shop and a truck accessory business.Given the factory/manufacturing character of the neighborhood, the opportunity for a normal tenant seems nil.

I shopped around and the prices were through the roof.

World class universities and medical centers, every amusement facility you can imagine, cultural events, sports team, and shopping galore!

I always bring a bottle of their favorite vodka to their shop after the job is complete and tell them it was for a job well done.

She got a SFH, I got to shop it to find an area I thought would appreciate and a home that had room to build equity in and we also agreed that she would come up with some of her own money to make the deal happen as I didn't want to strangle out my business growth by paying every cost on the SFH.