List source with owners over 45 years in age with at least 60 percent in equity.

So your age has a lot to do with this question.

Asking price is $130K, but this is high considering age (built in 1991), location, repairs needed, and the other properties around it.  

We're in the digital age guys) or...you can just find a Real, Straightforward Investor to Mentor you. and if he's ligit and not a greedy crook.

A lot of people get it stuck in their mind that 'retirement is at 65" or whatever age.

., 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.)

Can you legally qualify retirees differently, since it is based on income not necessarily age?  

I want to send a notice introducing us as the new owners and giving them notice that in order to renew their lease they first must consent to a criminal, credit, and eviction screening under our new minimum qualifications/new lease terms for all persons over the age of 18 that live in the home and also inform them that rent will be increasing November giving them the chance to stay if they want  and meet our rental qualifications or decide if it's best for them to move.I want to know does this seem reasonable and if there are some things I should consider before moving forward with this plan?

It costs so much more down the line in terms of vacancy and maintenance call outs when you have aging and/or under-maintained capex items.Sounds like you had a good experience with your first investment., which is always good to hear.

Other factors that will impact are the Replacement cost of the building, the deductible chosen, Liabiltiy limits used, construction of building, age of building, etc.