@Cameron PriceOne typically does not just "setup" their own Solo 401k plan.There are firms that specialize in these plans with a focus on the plan being self directed as opposed to a Solo 401k offered by a brokerage firm that will be limited to publicly traded assets.  

Again I mean “roughly the same” given all sources of income (including this new income) regardless of whether the rental business is profitable on its own.Yes, I could probably afford a modest house as opposed to renting someplace else, but I think I end up with the same result.  

Although I am not completely opposed to renovation I am looking for something a bit more turnkey which I can add value to through non structural improvements.

What would become an issue as relates to flipping with an IRA is the tax-exempt entity is engaging in a trade or business activity (as opposed to passive investments such as hard money lending, dividends, rents from real property, etc).  

For most real estate search engines you post and search by market, but what about people who are looking for a market that has a particular cap rate as opposed to knowing which specific market they would like to invest in? 

If you still intend to sell it as opposed to keeping it as a rental (sounds like you do since you said it's in a poor rental market), then there wouldn't be much point in getting a loan on it now to pull cash out because you're just going to have to pay the loan off when it does eventually sell. 

Also, the area around the damage looks relatively clean as opposed to the exterior wall above the window... is there water staining and/or mold there, or does the wall just need a good cleaning?

As for the official records search by legal description, as opposed to owner name, yeah that can be tricky too.  

., as opposed to just buying it?

Now if all the signs point to it appreciating in the future I am not opposed to that but want to make sure there is a backup plan with the cash flow and a plan to get out of the deal in a few years if things aren't going as planned.