A buyer needed, I heard through the grapevine, $100M of liquid capital to acquire them for very darned little.

They come in with a different name usually acquired by buying out a small/mid company, wipe the market with unlimited funds backed by fed and big banks, dry the pool and leave when there is nothing left. 

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.

You noted the possibility of acquiring a single-family turnkey rental.

It frees you up to focus on living your life and acquiring more property.

Ideally, we'd like to acquire one or two duplexes that meet the 1% rule and provide us with $1,000–$2,000 USD per month after property management fees and other expenses.

Numbers always look good on paper but between holding costs when acquiring and renovating property, closing costs on can also add up.I am not saying it cannot be done, as I did it with about 75 loans in a very similar fashion (except I was buying NPL's and got them reperforming).

As a senior baseball player looking to eventually play pro ball after this spring semester, I acquired a serious interest in doing real estate as another source of income.

My goal is to continue to acquire more cash flowing rentals to eventually leave my day job and just self manage the rental properties. 

Quote from @Dallas Hoover: Want to acquire a self-car wash within Dallas Texas area.