:P Maybe the metaphor would work better if it was insurance agent, since the insurance agent will error towards the car type with the fewest insurance claims.)

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth 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(mThe 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 companyThe 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 2018, the solo 401k contribution limit is $55,000, 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.)

Is there an insurance that we can purchase that will protect our assets.

Credit union is the best source of financing if you can secure it.She's asking you for a business plan basicly: monthly projection of your payments received from rent and your payments on bills like taxes, insurances, property manager etc.Let's say, you want to buy a house for $70K, update it for $30K and you think your rent will be $2K/month.Then you make a payment plan for each month what is going to be paid: January+July - taxes $1020 each; March - insurance $870, every month water/sewer $50 (if you don't plan on Tenants to pay)When you make it an Excel table, there will be each month left cash flow, which you then add with mortgage payments.That's one of the main projected financials: your cash flow.Income projected as an income&loss statement: $24,000 income from rent                   $2040 - taxes                   $870 - insurance                   $600 - water/sewer                    $2400 - PM                     $4,000 - interest on mortgage- depreciation - maintenance- other expensesWhen you talk to the bank,  they should see positive numbers, not just that you know you'll pay.

I am working through the insurance claim now.

If you don't like long distance land lording then that kiboshes that.A refi if you reinvest the proceeds can greatly increase your cash on cash ROI. 

Find funding, buy a deeply discounted property, resell it to a rehabber.Again, wholesaling is legal in all states because you own the property. keep in mind though in Oregon if your not owner occupying it.. and you intend to resell.. you ALSO need a developers licenseyou need a bond and insurance... so again cant make these blanket statements yes it legal to buy and resell but you do have to have those licenses to do that... 

Triple check the zoning and I wouldn't proceed without paying for a feasibility study.

The only way the seller can agree to owner financing in the example above is if they do not need the proceeds from the sale of the property to pay off the existing mortgage.

You must learn your state landlord tenant codes before you proceed or hire a qualified lawyer to manage the tenant.