This would be the partnership model.If I decided to take on "foot soldiers" then it would be more like finding employees.  

Flipping and development in the real estate realm work.The business must be a C Corporation, and it can be funded via a Employee Stock Option Purchase through the company's 401(k) plan.  

1 of us is self employed with no tax returns, and the other is a W2 employee with 2 years tax returns.

I've picked up on some threads that say:PenFedTD BankBOA(Local Bank)Wells FargoUnion BankUS BankBoeing Employee Credit UnionGTE Financial Credit UnionBank of the westFirst American BankFirst Midwest BankUnion BankRedwood Credit UnionSome not if Florida some not in second position but worth a look at the list :)

@Patricia MillerIf one spouse is self employed and therefore capable of sponsoring a Solo 401k, the other spouse may be able to participate in that Solo 401k, so long as they are a compensated employee of their spouse's business.If they were required to setup separate plans, then no, the spouse with the IRA could not lend money to their spouse's Solo 401k, as that would be a disqualified party transaction.  

I assume this person will be your employee so that being said whats the costs savings between just negotiating a rate with a local management company?

I'm betting they will work with me I'm a long term employee with a good history so I may be ok anyhow.

As a Xavier alumni and employee I know the area and campus well, and I know where students like to rent off campus. 

You pay taxes at the higher ordinary income rate, you pay social security tax as an employee and employer (ouch) you get really no tax benefits and no long term financial benefits.I have a few BP blogs that may give you some ideas.  

You are taxed at the high ordinary tax rate, have to pay into social security as the employee and employer and you really get no real tax benefits.