If you're self-employed, the Solo 401k will provide many benefits over a self-directed IRA: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

Every tenant needs security for their private roomYou may get additional rent but you can also have additional work (dealing with more frequent turnover, common area cleaning/maintenance).

@Thomas S.I agree with your thoughts on not fixing what’s broke, but I think there’s some real opportunity for some forced appreciation in addition to increased rent if I can boost the curb appeal.$15,000 is probably a bit overboard, but I can do most labor myself, so $15,000 worth of work may in reality cost me half or a third of that in materials cost.

These are professionals with additional training and a stricter code of ethics.

If the number is negative, you add it to your liabilities.

I'll need plenty of additional information, but I suspect this place would be a quality exercise and/or a worthwhile thread for the community if we did it right.

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Many towns have rent control in addition to the state laws. 

I am 46 years old, married with a kid.  

I would first identify the viability of finding additional rentals in this market that fit your criteria for investment.