Originally posted by @Bob B.:Are

This person can then help you actually execute the deal while teaching you along the way:Look your deal over from top to bottom and determine if you have a "deal" (run the numbers, do local market due diligence, property due diligence, etc.)Conduct and-or participate in the negotiations  Assist with the team building process (property management selection is absolutely KEY)Create deal package/loan request package to help raise the equity and the debt (not so easy anymore)Help guide both you and the deal through the acquisitionHelp initiate and execute the business plan, working closely with the property management companyAssist/teach you how to asset manage  You can start looking for that person right here on BP.

My absolute favorite syndicator allows you to make an investment and participate in a 1031 exchange into their next deal.Best of luck to you!

You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.

But there is a rule on 750 hours in real estate activities that they materially participate AND 50% or more of your material participation in all businesses, along with material participation (subject to a grouping election for rental real estate).

If you were to setup a self-directed IRA, it could not participate in your personal investment transaction in any way as that would violate IRS rules against self-dealing.Leave the IRA alone and perhaps distribute $3-5K if necessary to get your deal done. 

I am new to this, and want to ensure that any partner I take in participates in an equal amount to make the deal fair. 

The reality is that this property barely hits the 1% rule, factor in the relatively high NJ taxes and 100% leverage and cash flow is going to be almost impossible.Furthermore, you'll need to figure out how to deal with those tanks.

He lives across the country, and wouldn't be participating other than the money aspect.

It was not an easy thing to do, at all, and to this day we barely talk.About two months later, I got myself a new tenant.