Likely initiating foreclosure is the only way you can try to protect yourself.  

Such IRA-owned LLC entities cost more to setup initially, but eliminate most all transaction fees with the custodian and give you much more control over your investments.IRA Services used to be good. 

Step one is to put a business plan and operating agreement/memorandum of understanding together. 

@Ash Leigh, Although it's not strictly forbidden to purchase property from a related party the IRS is very skittish about it and the charge of shifting basis and step transaction is all too common. 

As I was making it “rent ready” I decided to take it a few steps further and flip this house.

Congtats Lyndon on your first property, that was a big step!!

I would suggest building your initial portfolio with Single Family Homes and as your comfort level increases then move into multifamily. 

It can accept contributions and rollovers from other plans in the same fashion as any other IRA, either during the initial setup or in the future.The one thing I would be sure to check on is whether your new 401(k) would let you roll out any of the funds you are rolling in. 

I’m just starting out and slowing taking steps to REI.

@Russell Brazil @Ozzy Sirimsi Appreciate the feedback, both great points and I think my initial post came off the wrong way.