First, I got into the business young (age 21) and I didn't understand the amount of work it took to be successful.

At that age for me we were still using rotary phones, there were a handful of over the air channels, no video game consoles, and certainly no internet!

The public records should be able to tell you the age of the building.You'll need to see what similar properties have been selling for, to know if this is a good price.

@Venkatesh B.Generally speaking, your current employer 401k plan will be locked up until you either leave the employer or reach age 59 1/2, and you would be unable to move those funds to a self-directed plan which you could deploy into real estate.  

age of property?

I'd like to flip this myself but if my age and credit comes into play in not allowing me to attain finance then I'd bring my father in as a buyer to this property for him to flip.

Although, I understand in this day and age a college degree is respected but not needed to be a successful entrepreneur - I am grateful for my journey thus far of attending classes, working corporate jobs, completing internships, and traveling for modeling which ultimately has helped me to see everything that I don't want my life to be like after graduation therefore I now have the understanding of what I do want and along the way, I have learned how to truly value the necessity of self education and mentorship to acquire the keys to success. 

I have been interested in investing from a young age and have been investing in the financial markets since I started University.  

I really think that at his age after learning something about the business he could start getting some of his own deals.

@KANE WHITESIDEThe only thing from a 401k perspective that can "go wrong" is that you fail to make payments in the required fashion and the amount of the loan is treated as a taxable distribution, with an additional 10% penalty for early distribution if you are under age 59 1/2.As such, you want to be very sure that you will have the ability to repay the loan, and structure your real estate deal accordingly, with plenty of reserve capital in the event you have an extended vacancy or significant repair expense.You also want to keep in mind that you put that money into the plan tax-deferred, and will be replacing it with after-tax money, so the income you receive personally needs to be a significant return on investment to offset the negative ROI equal to your tax rate that the plan is experiencing.An alternative would be to use the plan itself to make the investment in property.