In Calif I'm required to do a pre-move out inspection if requested but he did not give me 48 hours notice of the date and time (which I think is intentional as a pressure tactic).

that is a good one to let slide if he is giving you a good deal on the other property but if you are willing to risk an issue on the next purchase you might be able to pressure him to give you something.  

Brie, I decided to let the gym membership lapse and just pitch-in and shovel a little snow ... every second day it seems ;-)If you are motivated and a self-learner you can do absolutely fine without forking over the equivalent of a downpayment for courses.That said, some folks learn better when material is presented to them in a formal setting (i.e. classroom) ... if this is you, I would suggest auditing real estate courses at a local college or university ... no sales pressure, a more in-depth handling of topics and the tuition will be far less (better value for the money).

If so, check out what the other rentals in that area look like and gauge your rehab decisions accordingly. 

Don't put so much pressure on one relationship.

Look at the fact that almost half of all people moving to Nashville are coming from LA, NYC and Chicago, and you can see that our prices are still very attractive comparatively.I know everyone ever has said "this time is different" right before it all blows up, and I'm not saying that Nashville prices will not have dips and stalls over the coming years, but to have a greater than 5% decrease in real estate prices in the next 5 years would entail all immigration to stop and some kind of severe national pressure.

What might I do to apply pressure so he will sell for a reasonable number?    

I'm looking to put him in touch with a reputable PM company to help gauge rental rates, costs, etc. 

I suspect investors are going to want to get away with majority of the profit.If you still want to pursue, it’d be best to form a partnership with an investor or investment group and gauge interest 

There is a limit on static head pressure the DWV can take (30 feet).