With 7 properties I would highly suggest getting a PM software to help you.

My plan would be use the 401k kind of like a hard money loan where I'd acquire the property, rehab it, then refinance long term, pay off the 401k loan and get it rented.

New builds, new developments, plenty of rentals within driving distance of the city center, and there are still plenty of areas where a good eye for a rehab job will get you a good ROI.

If they think they have an "Airbnb" Unless they own the publicly traded company, then they only have a STR, or a vacation rental if they have a nice place/location.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

@Cameron Porter half off of a $30-40K price may not be enough to make a purchase work.We've seen clients quickly get upside down with Land Bank purchases:(So, proceed with caution and hire a great inspector and contractor to go thru the property before you agree to buy it.

When you approach sellers with this mindset, you’ll go from “just another investor” to the trusted local expert who gets the deal done—time and time again. 

.- Recent example: we took a vacant property over and did our TakeOver video, then gave the owner a bid for around $10k to get it RentReady.

Trying to get a # from him about estimated remaining cost but got nothing.   

I think I could get a HELOC for $150 to 200K.