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; andBoth are prohibited from investing in assets listed under I.R.C. 408(m).The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (checkbook IRA) must be used. 

Learn everything you possibly can about that part of the process and gain the knowledge and confidence you need.

Great insight much appreciated!

Just to gain education, I'm taking online real estate classes while my wife is taking in class courses.

I need some insight on this topic.

I need some insight on this topic.

Now that I have begun researching real estate investing, my interest in home rehabbing has only grown and I could say Im willing to leave the safety of my welding job in order to gain the skills and knowledge of the contractor field.  

Thanks for any insights you can send our way.

BTW I appreciate your insight.  

Bruce's realtor will likely be willing to help but he may not want to spend hours helping if a deal is not in sight.