This would save you a ton with taxes - although it is in your best interest to speak with an accountant who can run the numbers for the different scenarios. 

Bankruptcy court has said they have no assets for unsecured claims.And they got another 1/3 when the project started, first day.This was an old established company but a few years ago the owner retired and sold it to a man that has a sales, but not a construction, background. 

Hopefully someone can help shed some light on what my options here are:I've been speaking to my dad, who is a service disabled retired veteran, about working together on some REI deals.

The first time I saw him, he approached me, asking me personal questions in a very rude manner, I mean obviously he knew I didn't live there (btw I'm Hispanic) And the majority of the residents are older white retires.

Don't know how much you have saved to get started but taking advantage of FHA is a much cheaper way to enter the NYC market. 

However, the solo 401k plan permits an in-service distribution of such amounts upon attainment of age 59 ½ or upon a Hardship.https://www.irs.gov/retirement-plans/plan-particip...

Before you start with the basics, let me save you the trouble.

Im in a union with a retirement fund.

So I have about $8,000 saved up which would be just enough to cover the 3.5% down payment on a $200,000 property but would be all but gone when it comes time to pay the closing costs.

What were some vital saving habits you used or still use in order to be able to invest ?