@Rupert GrantGenerally if you're eligible for a Solo 401k, it makes sense compared to a self-directed IRA for many reasons: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.You can borrow up to $50k from the plan; IRAs do not allow participant loansThere is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)The one exception I can think of is if your primary goal is to self-directed Roth IRA funds.

Is it based off of features (like having a fully functional kitchen and separate entrance), the share of utilities, intent, or all/none of the above?

A lot of banks have introductory rates for HELOCs that they use as a loss leader for the branch and you can shop around for the lowest rate or any bonuses they have because its the cheapest money you can borrow.Once you have that line of credit, rather than utilizing it as collateral for downpayments on leveraged properties, I would use it to leverage the strength of cash offers on distressed properties ideally to motivated sellers that allow you better access to good deals compared to those with financing contingencies.

Is there any templates or monthly/annual checklists that we could utilize?

You have not mentioned if there are existing structures on the land, the topography of the land, any road widenings, utilities to the site, zoning approved for commercial already, etc.There are TONS of metrics that go into it.    

If you are afraid you have spread yourself out too thin after you close, consider utilizing a 0% apr credit card just to get you started and to get your units rented out. 

If utilized correctly, this could definitely offset the increased interest rate that would come from refinancing your current living situation/future rental to fund your next deal.

Purchase Price - $70k-85kCash Flow Per Room - $375Property Tax - ~$700 & Insurance ~$500NOI (50% rule) - $750ORNOI: $1500- $105(7%vacancy) - $120(8% PM) - $150(10% repairs) - $58(Taxes) - $42(Insurance) - $250(utilities) = $775Estimated ARV(current w/ ~$4k of work) - $85kEstimated ARV(w/ ~20k of work) - $115k--Will most likely wait to do this until later on since it will only be college students renting Mortgage 30yr & 5% rate(5% Down) - $485/mo(includes PMI)@Andrew Whitacre @Salvator Migliore

How about utilities? 

If he will be utilized to check the health of the association, bylaws, etc, you can anticipate a bill of in excess of $3000Experienced investors have offer forms they fill out themselves, but unless the state has a promulgated contract, you will be foolish not to engage legal counsel.