He likes 40% normally for short-term trading, but will accept a little less for lower income brackets.  

A stable, high growth market will command lower CAP rates, while a riskier, slow growth market will trade at higher CAP rates.Hope this helps!

That's also setting expectations, of course, so I'd suggest a paper letter as it's the most professional, with the next being an email.In that letter you'd want to outline what your expectations are for rent payments, your policy on maintenance requests (ie: burned out lightbulb is not an emergency request, etc), and if you use any particular systems for accepting rent (online services, software, mailing, money orders, whatever) explain that in detail too so you're not getting late payments due to confusion.

There are meetings and REIA's etc.. however the practice of teaching your competition your tricks of the trade is quite muted. 

Stripped it, restudded with 2x4  and insulated with R-13#3 is my prefererred method as it is the cleanest after demo, insulates the space and allows room for other trades to work cleanly. 

Paying off all personal debts and staying that way with a good emergency fund will give you protection.

Is a solo 401k something I need to open up with say an eTrade or Scott trade for example or do I go through a traditional bank like Chase or Wells Fargo?

  :)I'm not taking away from this trade, I'm just putting it into perspective of the goal being to quit the day job (least for me).  

Day 1, the buyers picked up all of the old equipment and we used the cash for emergencies.

You should have a 3 to 6 month emergency fund set aside first and 20-50% down.