I have an opportunity to purchase a large piece of land with cash that has an existing house on it. 

I've had tenants hold all kinds of jobs that I didn't even know existed. 

We removed a lot of weight from the existing chimney (probably close to 50% of its total weight) by removing the top portion but still question its structural integrity long term based on the decay of the base. 

I understand the {potential} repercussions to the long term owner(s) if rules exist that impact the owner's lifestyle.I really appreciate your time, effort and valuable input.

Purchase price: $208,000 Cash invested: $91,000 Negotiated a 2nd Trust Deed on the property so that the client could maintain her existing great rate on the 1st and still be able to obtain cash out of the property.

New door and frame will replace this existing one.Dining room will have new carpet.

I have an existing line of credit on this property (not a mortgage) of $48,000.

There is an existing tenant who's been there for 8 years.

In either case, you should verify that you are eligible to transfer the funds from your existing retirement account (e.g. if the funds are in your current employer 401k, you will likely not be able to transfer until you quit your job).Considerations in Setting up a Solo 401k to invest in real estate:1.

Given that it’s your first deal, I think it’s important you have multiple exist strategies and selling it provides that option.