Coming from the Midwest with a relatively low-paying job I wouldn't have enough cash to invest using traditional methods.

I’ll say two things though, one is I’m sitting on a good amount of cash (relatively) and hate seeing it just sitting in a bank (though would hate to lose it).The second is I am slowly building a network.

Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!

Are the tenants in any way related to the owner, i.e. how sure are you that the property would continue to get those rents if you had to turnover the tenant base?

@Kyle MitchellGot it, I think if you're relatively hands-on (20+ hours per week), you'd be in a good position to something on the smaller end of commercial.

Personally I look for 1% rule as a minimum which this does not meet.As for your negotiation, it may be a market related difference but I would have started at asking price and met in the middle.

@Justin Y.A solo401k will not work in relation to a buy and hold rental business.You need "ordinary income" for you to qualify to put away in a solo401k.rental income does not qualify.

Board of Health?

You either need a knowledgeable law firm or a specialty consultancy like Rishel Consulting Group to help you and that assumes you have enough loan volume to justify the expense of setting up a related or captive finance company.

Do some reading and then get on the phone to compare services relative to your investment goals.