Would it be possible to enter into a purchase agreement with him, subject to him obtaining the ability to sell from the court?

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andNeither may be invested in your own business. 

@Jared MackIf you have met a distribution event under the 401k regulations, you can take in-kind distributions (in this case the real estate) which would subject the distribution amount to federal and possibly state taxes but not the 10% early distribution if you are over age 59/12.

My goal is to purchase 2 multi-units (I will house hack) and possibly a commercial property.Financing is subject matter that I definitely need more information on and hope to get ideas here.After doing some research, there is definitely a need in AL to have a BiggerPockets network group. :)

Can we get an episode solely dedicated to the DUE ON SALE clause, SUBJECT TO deals, and OWNER FINANCING (if this last topic fits in with the 2 others)?

Hello BP members, I recently stumbled across:"Profit Lab: Real Estate Investor Training" from Rich HartWhich they offer a two days on the subject.

If you're interested in learning more, I wrote a book on the subject specifically on this niche.

I would ask in a separate post and include in your subject line "Looking for investor friendly banks in XXXX"  And let XXXX be the target area you are looking to invest in. 

IRAs are subject to unrelated debt finance income (UDFI) when borrowed funds are utilized to invest in real estate. 

Always do the math analysis and try to look at your prospective properties before you make an offer or at least have a clause in the sales contract that allows you the time (10 to 15 days) to make a entailed inspection of the subject property and possibly back out of the deal without a penalty that hurts you too much.Do not cut any corners on your evaluations to make them look better on paper but not in reality.