Mark has utilized his diverse background to facilitate and advise the launch of many successful business start-ups in fields ranging from multi-family housing to specialty food and apparel manufacturing.

Know your market, figure out what utilities owner carries, what repairs/capEx are needed, etc, what did similar buildings sell for?

A forum such as BP is only able to address such topics at the very surface.Rental income is not earned income that can be utilized to sponsor or make contributions to a Solo 401k.  

Also make sure that the tenants pay for there own utilities 

We utilize an efficient method that allows us to build homes very cost effectively while producing less waste and reducing our carbon footprint.

3 x 2 BR Apartments @ $700-$750/mo.1 x 1 BR Apartments @ $550/mo.4 x Studio Apartments @ $400-450/mo.Commercial is 1450 sq. ft. and should rent at $11-12/ft.All units have completely separate utilities, except water.  

From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code.

At about the same time, I go to serve legal notice just in case they don't, to pay utilities or vacate, when I find out they have not paid utilities.

You could utilize the cash as the down payment and you would be able to purchase a nicer property.

You want the net income after all expenses like, maintenance, utilities, taxes, insurance, property management (if needed), if the property is vacant figure that in, and Cap Expenditures (any big ticket items that might need fixing or replacing once you own), things like the A/C unit, water heater etc.