The math behind Real Estate is not that complicated, Revenue - expenses and debt service = cash flow. 

Mgt, Landscape/Snow, tax, insurance, utility then debt service. 

The property jumped another 100k less than a year after the sell as well as rents went up to support what would have been the new monthly debt if I refinanced and held. 

I literally laughed through the phone at his suggestion, because I was broke, in debt, and in every way and unqualified borrower, and the lending environment in 2012 was probably stricter than it had been since the invention of the 30yr mortgage.

could it service the debt on $1m?

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

Eliminate debt, establish a budget, and save.

Some people only want 10-20% of their outstanding lines/debt balances available while the other 80-90% to be in fixed rate notes.

For instance, if there was a total of $250K of debt on those properties that woud leave you with $350K of proceeds to use to purchase $600K of real estate.  

Also, how do I protect my assets if I use a solo k for a down payment but still need debt financing to purchase a property?