If you have an opportunity to save for a 401k without the company match, I say do it.If your company provides you with a match, you're earning a risk & tax free rate of return that no investment could match.If you have enough money for a ROTH IRA, do that too.Stocks, Real Estate, Bonds, Annuities, and Commodities are all asset classes that tend to implode every now and then.

@Lucas MillsWin the lottery for the annuity. 

When you are getting started or >5 years from retirement: High Cash Value Life Insurance: liquid in a crises/opportunities, modest growth guaranteed by legal contract, tax advantaged statusWhen you are approaching retirement: Preferred Fixed Index Annuities: 20% (currently) rollover bonus, pays you an increasing income for the rest of your/spouses life, never loses value or runs out 

She's a smart lady and I see little chance of getting a low price, but if I can get seller financing at close to portfolio lending rates (~6%), it should cash flow for me and provide them the equivalent of a nice annuity. 

If you are not self-employed then an IRA can also be opened.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(m)The 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 2017, the solo 401k contribution limit is $54,000, 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.)

higher fixed rate 2nd, but it's small money AND paid off in only 15 yrs, then upon last payment of 2nd mtg....BAM....your payment on 2nd goes away and you're left with just your 1st mtg. which you can then start pounding down the principle on it and pay your house off early.But all that is great, but a person under 45 trying to catch up to where they need to be for retirement  would have to be a financial moron to start knocking down a low tax deductible rate on a home loan vs  investing in IRS, 401Ks, annuities and/or start paying off non-tax deductible debts. 

Refinancing to pull out our initial cash investment in these condos is an option, but right now the plan is to hold as-is for the next 4 years, when this and a number of other short term loans on condos at this complex will be paid down, allowing me to retire from my day job and live on the cash flow if I so choose, or my wife to do the same for that matter.Buy & hold real estate investing hasn't been a get rich quick endeavor, but with some time and energy we've experienced more gains in 5 years investing in real estate than 25 years of stock market investing in a 401k, and we will have a better income stream from RE than from an annuity we could purchase with the 401k.  

I don't know your other financial circumstances Robin but unless you've got an annuity that covers your mortgage or another iron-clad income stream I would keep your paid off house just like it is - paid off.

Purchase Money AnnuityAsk the seller to take back an annuity for all or part of the purchase price.

I was wondering if anyone is familiar with the Differed Sales Trust (DST) which is a "legal" substitute for the like kind 1031 exchange.Where you can exchange from real estate into some sort of "annuity" but you can't exchange back, and you don't have to pay your cap gains.