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I am looking for some initial advice (prior to hearing from my CPA) concerning the use of a self directed 401k to purchase and operated a multifamily real estate unit. 

I know this doesn't directly answer your question however a lot of people have told me cashflow doesn't exist in Austin.

I wanted to take some time tonight to reflect on my steps of getting here, it has been a hard road to walk down and most of the time it felt like I was walking in the wrong direction, but I made it through.

As long as we're stepping in the right direction haha.

So if anyone can lead me in the right direction it’s certainly appreciated.

(Would definitely be talking directly to someone in the zoning office before moving walls or adding a kitchen or anything though)To make sure I understand right, you're saying to get the utilities split it would have to have a certificate of occupancy - and thus would have to pass inspection.

Almost all big banking institutions offer self directed IRAs but most of them have restrictions when it comes to investing in real estate.

@Omar Khan The sponsors I invest with are selling (or refinancing and returning capital) in 3-10 years because (1) many of their investors want their capital back (2) it maximizes the IRR and (3) it maximizes the benefit of cost segregation.I'm a buy and hold investor in my direct portfolio but I'm fine with sponsors flipping properties in 3-5 years in my passive portfolio. 

It is done by opening a self directed account.