@Brian DeLormeHere is the definition of "first-time home buyer":You qualify as a first-time home buyer so long as you had no ownership interest in a main home any time within two-years before the date you acquire your new home.

RhoineyI chose notes as I don’t want to be a landlord and I can buy notes anywhere at anytime.

Banks will consider your IRA as liquid if you’re going to get a loan because you can take it out at any time with the worst case being penalty and taxes.

I appreciate you saying that.BP is the best.Ask me a question anytime.

Feel free to reach out any time! 

Some people will look at a building and see a dump with a low return on investment while others will see a huge opportunity to renovate and make great money.For this triplex here are some questions to ask yourself:Do I believe in the local economy (this is important as I believe any real estate investment is fundamentally a bet on the local economy)Do I think rents are going to steadily rise over next 5 to 10 years?

Upon purchase, I do not plan to sell anytime soon, so my concern is cashflow.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

Happy to offer my opinion but you know your life best so keep seeking opportunities that you're over-looking.Unfortunately, hard money or private money looks like your best bet thus far.

Best bet would be to walk a couple contractors through and see what the estimates are.