Apparently the husband now has custody of 2 kids of his from a previous marriage.

Now you don't have to buy two magazines when you want to read about Real Estate Guru Seminars and Brad Pitt & Angelina Jolie's custody battle. 

The absence of any full time non-owner W2 employees in any business you or your wife may own.If eligible, the Solo 401k offers much higher contribution limits, no custodial requirement, built in checkbook control without an LLC, built in Roth component, spousal participation, participant loan feature, exemption from UDFI tax, to name a few.

Angela, without an LLC your IRA funds will be in the custodial account of the trust company or custodian, you will not have direct access to the funds and would have to do through custodian for every investment and investment related expense. 

Speak with a rep from the local SDIRA custodial firm. 

I am a physician, 59, and recently got out of financial debt associated with divorce and custody issues and am in a much better position at this time with excellent income but not much time on my hands.I want to put the excellent income to good use in real estate and can take time away from some of my locums work at a cost.

Custodial Model Pros: Depending on who you use, you may receive a full service experience from start to finish.

As the trustee of the plan you go to any financial institution of your choice (a bank, credit union, brokerage firm such as Schwab of Fidelity) and open non-custodial account for a trust. 

@John Kunick:  FAR from a 'liberal catch-phrase' and ubiquitous in real estate, nationwide, including your own jurisdiction: Oklahoma Fair Housing LawThe Oklahoma Fair Housing Law (Title 25, article 4A, Section 1451 through article 5, Section 1508) prohibits discrimination in the rental, sales, financing, appraisal, insurance of housing and other housing-related transactions based on the following categories or "protected classes" including race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability).

When opportunity knocks, you can act immediately.If you decide to stick with the custodial model, when you interview specific trust companies to serve as custodian, be sure to focus on this timing aspect of your needs.