This is all really sound advice, so thank you.I’m curious if anyone has experience using their 401k as their own bank to fund notes to purchase buy and hold properties?

But you either have to pay in cash or owner has to carry with nothing paid the first year or two as it sounds like the property  doesn’t have any income.

Unless someone wants to chime in on if the vested and monetary interest the lien holder already has in the property is considered or not, I'll contact the county.Wayne it sounds like the lien holder is technically the first bidder if they start the bids at the amount the lien holder has already invested...?

It sounds simple, but depending on how many documents/checks you'd be signing, it might be easy to slip up.My instinct is to say that if you need to ask the question, chances are that it's better to keep your life simple and just personally be the member of the RI LLC and have it be separate from your MA LLC.But I'm not a lawyer or an accountant and you should probably ask this question to one of each to get advice for your specific situation.

It sounds like you might not have enough capital at this point...

But it just depends...I am always in favor of controlling assets personally if possible...I don't know the numbers or anything about this deal, but it sounds like you've got a lot to think about on deal structure...if this is even a good deal.Just don't let anyone steal your deal if it's viable....lots of sharks with cash out there. 

It sounds like this property checks off all of the boxes.  

That sounds great!

Some even said it sounds fishy and were trying to talk me out of it.

That sounds fair but I personally would give them 2 options.