The facility I work at has been hiring 20-30 employees a month and cannot fill our need with ideal candidates.  

If so, chances are they will not let you roll it into a SDIRA.Also, if it is from an ex-employer and you are self employed with no other employees (except your spouse with certain conditions), you can look into a solo 401k.

That includes making sure that he is truly an IC and not an employee.  

I have a full-time employee working on finding deals like this.

If you want to raise money for deals, you need to market yourself and the deals to investors.My friend Joe Fairless has a background in marketing and I know that one of the biggest factors in his fast success is that he was able to harness his deep knowledge and experience in marketing and apply it in the real estate field to grow his investment business.  

page=1https://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-dayhttps://www.biggerpockets.com/forums/223/topics/445367-full-time-employee-multiple-brrrr-side-hustle-2875-to-goalAs to your NYC rental, if it appraises for $650k, and you took a 75% loan, you'd have $162k of your own money tied up in it, but about $150k of that is your appreciation since you owned it.

Here are the correct eligibility requirements:- You must have legitimate self-employment activity or small business with earned income- You can not have any full time employees working for you (this does not include business owner(s) and his/her spouseIRS defenition of full time is someone working for you over 1000 hours per year.I wrote an article specifically to address the misconception about eligibility for a Solo 401k plan on BiggerPockets blog, here it is:https://www.biggerpockets.com/blogs/2810/45144-the...Let me know if that makes sense and if you need any further clarification.

What if the job requires him to pay an employee?

Fortunately, I had enough money to cover the second down payment in my TSP account (similar to a 401K for federal employees). 

I have one full time employee as we do mostly "BRRR" strategies with out properties.