Awards- I received numerous awards during my career I Law enforcement career.Some of the awards were the Distinguished Service Award along with numerous Unit Citations.Now I don’t measure my success by my awards.These awards just happen when I do my job and contribute 110% at all times.Professional Credentials- Licensed Realtor, Licensed Police Officer, Licensed Correctional Officer, Licensed Firearm Instructor, Licensed Corrections and Police Academy Instructor.Area of expertise- Residential sales and listings in Central Florida and Lake County.Education- South Western High School, Police Academy, Corrections AcademyPersonal Background:I grew up in the Pennsylvania country.I loved to fish, hunt, swim, competitive shooting and the beach.Since the beach was 5 hours away I chose to move to Florida after I graduated high school.Before moving I was working construction and loved it.My, at that time, soon to be wife and I then moved to Winter Garden, Florida.

In any case, make sure you draw up a water-tight partnership agreement that details exactly what the contributions/ responsibilities and rights/benefits of each partner are (i.e. don't assume that you are on the same page and that this or that is understood) and that provides for exit strategies from the partnership if it doesn't work out or if one partner just wants out.

Having tenants contribute towards your PITI will really increase what you'll be able to afford.  

Looking for opportunities to to network, learn, and most of all contribute!

Following are the similarities and differences between the solo 401k and the self-directed IRA.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 (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016, the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

This protects the value of your property, acknowledges him for his contribution and protects you legally.  

Some company sponsored plans may allow you to roll over your contributed amounts.

The form is called "IRA Contributions" and designed for IRAs only.

So did our $1,500 actually contribute to the property or did it go towards his travel?

My question is does it make sense to contribute to this fund on my own?