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 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.)

@Vickie BruceSorry for your loss...You should be able to follow probate proceedings and have it transferred to your name.The procedures will depend on if your mother had a will or not and the language on the deed.

My husband is very hands on, General construction contractor.

I would advise a hands-off strategy, because you lack the desire or ability to confront.

I have had it go the other way I did a suit for performance from a shut in.. took me two years to get her to trial. she won't show we ask for a ruling on the bench judge says NO he is giving her one more shot to show.. next trial no show we are all loaded for bear .. he calls her name no answer gavel in the next 15 seconds and we won.lady still would not sign the deed even with court order.. its the first time I took title without any kind of deed.. simply a court order and Chicago insured. it.. but to be safe I transferred it right away to one of my LLC's and bought ANOTHER title policy because the transfer with no deed just had me a little freaked out.. you live long enough you see many things.

(I would buy QCOM right now at 53.90 and GILD at 73.20)  If anyone on here needs an extra set of hands in the Springfield MA, to Hartford CT area feel free to ask me, I'll be glad to help out if I can.  

I don’t have my place on the market yet because I feel I need to know what I wish to buy first. (2) What’s the best way to go about this offer without money in hand?

Not sure if some lenders will refinance if the deal is a land contract, if I need to research alternate contract types, or if there is a clause I can use at a certain point in time title is transferred, etc.Please feel free to share any additional steps you take in doing seller financed deals, as well as input to my questions.  

On the other hand, if I am already focusing on this property in regards to managing its renovation, why not just tack self-placement on the tail-end? 

It sounds like this is a good case to hand over to a local attorney who specializes in those types of protests.