Most of the Solo 401(k)s I see are for consulting income from sole props and for practicality we roll them into IRAs after they've served their purpose.

I'm self-employed, and have a fairly decent gig as an airbnb consultant/property manager, but I just started in April, and my last 2 years tax returns show very little income.

Did you create your scope of work yet with your 203k consultant?

@Doug Keehler you need to consult a local real estate attorney.

@Sam ShuehI did have that in my notes to "hire" them as a consultant for 6 months after the closing.

You might  attempting to answer your questions in a to hire an Attorney or business consultant, either one must have experience in what your doing and what you should be doing to give you recommendations on what will protect you. 

I will not offer any more concessions and my advice will be to get an experience consultant to help them. 

You’d have to just do it on the side, and pay for it out of pocket, unless you’re an experienced contractor (they will check you out if you’re qualified to do the work)From there, create a scope of work of what you want to do with the 203k consultant, and then start shopping for contractors.

Naturally I’ll consult an attorney before moving ahead but curious if any of you have had this experience.Appreciate everyone’s replies.

As always though, I like to say consult your own tax professional for specific advice because everyone’s situation is different.