I have all the info regarding rent rolls, pictures, and general idea of the condition of the property.

Hi,I am going to open a solo (self directed) 401K account from 1099 income I will earn.I weighed pros and cons of solo 401K vs SD IRA, and solo 401K is better option for me.I plan to roll over my previous employer's 401K into the solo 401K account.I want to invest in real estate syndication (passive investment) from the solo 401K account.Does anyone have any good recommendation on the company who manages the solo 401K account?

However city is imposing a good amount ofimpact fees based on the bedroom count - which accounts to close to $40 k , which i cannot afford- Ibought the house for myself to reside and cannot afford to pay this.We verified with city prior to buying and theyconfirmed it is residential zoned , however never mentioned about any impactfees.It is residential zone - MLS shows it as 3 bedroom 2baths - it had a extra unit  in the back and also a inbuilt rolling bed on 1st floor for the main I am stuck here- they are asking to prove it was usedas a residential -ever - any guidance would be appreciated on this.

One thing I realize now is that i received the tenant rolls with names addresses etc so I have tenants in place, with leases however only 1 tenant out of 4 is actually paying.

The State is the Executioner, it's my job to make sure nothing ever has to go to the Executioner, because head's will roll. 

As I get rolling here I'm sureI'll be reaching out for advice and insights. 

With that said, if you believe in the area long term and think that your losses in the short term will be offset by growth in the future, just know you're rolling the dice by making this play.Cashflow thoughts. 

You cant just straight up finance every single cent of a purchase transaction - there are typically downpayment requirements and closing costs than cant be rolled into the loan.

If people are getting free electricity and water, they tend to be a little less frugal :) .Then check on insurance costs for a MFH and add that to your projections.Finally, talk to your contractors and see what requires permits, what their experience has been in getting them to pass inspections, the timeline and the cost.Factor all of these into the decision to move forward or leave as is - maybe advertise it as a 4/1 with a home office with outside access and get more rent that way.One last point - I hope that the addition you mentioned was done with permits and is reflected on the tax rolls because if not, you may open a can of worms you wish you had not.

You may be even selling some of these smaller assets and roll the equity into the bigger dealsThese small deals can make an investor incredibly wealthy, especially if the equity is owned by a few investors.