Is this going to stay within a qualified plan or are these funds being moved to an IRA to then be invested in real estate?  If the funds will be invested from within an IRA account, the ony IRA Custodian that specializes in alternative investments that I trust is Pensco:  https://www.pensco.com/ There is a whole world of “self-directed IRA” promotors out there that are very indirect with how they identify themselves and their role with regards to their client’s IRAs.  Most are not approved non-bank IRA Custodians, most use small local banks that are either unwitting or uninformed nominal custodians on their behalf.  Many of these banks that have been put in the position of a nominal IRA Custodian do not even understand how they could possibly run afoul of the FDIC or OCC if they haven’t taken the appropriate steps to hold such alternative assets as a custodian.  Despite all the claims to the contrary, this is exacly what has led to so much fraud and overall mismanagement of self-directed IRAs currently.  Have your client ask very directly whether the “custodian” is in fact either an approved non-bank custodian and check it against the list published by the IRS.  If they say that they are considered a bank or trust company and do not need to be an approved non-bank custodian, ask them to tell you exactly what regulatory agency they fall under and then verify with that agency.  If you can’t get straightforward answers then I would walk away.

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