Hello my name is Eddie , I am 23 and I bought my first house at the age of 22 .I am now interested in buying and renting out houses/units.

It is clean and safe, but not overly nice, and there is a major eyesore property next door to this one.It has new siding, new paint and new floors and does not appear to have super aged water heater/ac/roof but I intend to have a home inspection to verify the big stuff.

If you are under age 59 1/2 at the time of distribution a 10% penalty will apply in addition.You can borrow the lesser of $50K or 50% of your Solo 401k value for up to 5 years.

Even Donald Trump, with a starting grubstake of $58,000,000.00 and a billionaire father consignor ( of loans "only" up to $100,000,000.00), and working in his father's real estate business since the age of eleven (collecting the coins from the laundry rooms in his fathers apartment houses, where I first met him), saw the need for a quality education and attended and graduated from the University of Pennsylvania Wharton School of Business with a Bachelor of Business degree with a major in Real Estate.So the point is that education and experience are the necessary ingredients for a successful career in real estate investing.  

For someone your age I strongly 2nd the advice @Brian Pleshek offered to reduce expenses and stockpile your cash.

The age of the house is important to me.....Your capex may need to factor in life of roof, furnace, etc.

He lost his job about a year ago and couldn't find work (he says due to age).

Now I'm not sure where you are in your life cycle, but i think one should always continue to invest and reinvest in their future until at least the point of reaching retirement at any age (which is where the income from doing nothing covers all the expenses from doing what you want)

Especially if you have mature trees on the property, you'd want to inspect lines that were that age if you were keeping the property.If sewer line problems were a common occurrence in the neighborhood and having had them checked could be used as a selling feature, great.In other words, no, don't do it.

Bernie and others are "cashing in" on that by appearing to be anti-greed and anti-billionaire.You'll hear about it again next time that subject bubbles up to the surface.