Am I considered only a passive investor under a solo 401k? 

Am I engaging in appalling stereotypes?

Am I going to need a variance or have to rezone this lot to actually build on it? 

What neighborhoods or towns am I thinking about buying in?

And no, I am not a lawyer nor am I offering legal advise - LLC terms vary by state, so it is worth the money to verify you have set it up correctly.

If the tenant is happy, then so am I.

Am I willing to lose these people as my friends if/when a deal goes south? 

I've heard several podcasts including Amy Majoory and the Polites who talk about using OPM for down payments but I still don't understand the logistics when the PML is only for the down payment, but the other funds are borrowed from another entity.For example: how do you structure the PML plus the actual purchase/rehab loan and still make money?

Often insurance (at least where I am) is a lot less for rentals as contents are not covered.

I was looking at this property, am I missing something myself?