Doesn't sound like you got nailed too hard.  

Finally, can I charge myself any custodial fees on the solo k?

There is also the option of not doing anything, which has been my default “do nothing” strategy for the past several years, but family needs have finally pushed it to the breaking point.

:D finally.

After the housing crash, my long time tenants moved out and I was moving off to grad school, and I could not sell my house (I was way underwater on the mortgage), so I ended up renting it out.I only recently got above water on that house, and it is not the best investment property, but I'm keeping it for now since it is finally generating a positive cash flow.I've recently come into a lot more money (self-employed), and am now in a position to buy even more properties, but I want to do it right this time.

I'm assuming that pre-foreclosures are in the same boat as well.Actually, pre-foreclosures are in more dangerous waters, a short sale the bank just won't go there, screwing around with a foreclosure takes on a blend of federal compliance and consumer issues, cause a delay and you can get nailed.

As such, I have quite a bit of time to listen to the BP podcast, so I am taking time finally to get active on the forum and introduce myself.I will be 42 in a few short weeks.

When you finally arrive find that there is something you could do, whatever it is, take action.

You also need to get your "pitch" nailed down and know how to talk about the topics which will "excite" this seller. 

Apparently they just announced (about a month ago) that the final selection for the OPL is Jackson park, next to the Woodlawn neighborhood.