Jeff, The issue I am facing with is due to the amount of time it will take to roll the funds from my existing ex-employer's 401k plan to a new solo-401k plan which I was hoping to use to fund this property.To give you an example, let's say this property is contracted for 300K.Let's say I have one IRA account with TDAmeritrade say with 100K, Schwab with 100K and a 401K plan with JP Morgan with 500K.Previously I had inquired with TDAmeritrade, Schwab, and JP Morgan and they all told me all it takes to roll over to another IRA provider is 3-5 days. 

I appreciate you making this point and think this doesn't get talked about enough, especially for self-employed people.  

If someone has income, employment history, good credit, no criminal record and gives me a deposit for the property it is entirely up to them what they do with the property within their lease.  

Classic bait and switch with the move to the girlfriend.

IssuesTo qualify as a real estate professional, the taxpayer must spend:more than 50 percent of his/her time in real estate activities; AND,more than 750 hours in real estate activities.A real estate professional must materially participate in each rental activity for the loss to be deductible.[3]http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Passive-Activity-Loss-ATG----Chapter-2,-Rental-Losses-Steven

We skipped the 401k for my husband's last job since the employer wasn't matching, but started it back up with this one- hard to turn down an extra 4.5% of his salary!

S could be more expensive due to wage reporting and employment taxes.

And while the IRS wants income taxes, they want employment taxes (SS, Medicare) much more.Thanks,Jason

How do you know that contractor in the nice truck wasn't just out at a meeting with financial investors, or sellers of property, etc. and dressed nice because he wanted to look professional, as he was lining up what is necessary to put another deal together that will employ people like you @Adam Johnson ?

My dream, though slightly evil in its intentions, is to not have an education and to employ those that do.