The 70% is the standard amount most financial institution will loan to an asset.

I am in the Milwaukee area and properties are in the Janesville area.2) Would these be the same institutions to use for new acquisitions?

Unless you are looking at more institutional grade assets, you will be dealing with local players when you look at 12-24 units in that price point.

Up until now I have only participated in real estate apartment syndications as a limited partner. 

In '07, my market was pretty unheard of to the large institutional investors, which kept most other investors away as well.

You may want to approach smaller institutions that are very familiar with the market.

There are several active participants here on the forum who can help.

Then some PM charge a service fee every time they send someone to service the property or if they go to inspect the property - in other words, you might get nickel-dime'd with all kinds of other fees, that could easily raise the "PM fee" to 12%+ (we once got charged $45 service fee + $9 per battery to change the smoke detectors batteries at make-ready).Regardless, you need to factor in at least 8% PM cost, even if you self manage (after all your time costs too) as there might be a time when you might want to (or be forced to, like sickness or old age, or desire complete passive participation) to be completely hands-off and you'll need a PM.

So I have a Solo 401K plan where I am the trustee, since the IRS allows loans on the Solo 401K to the participant.

How many deals and how many investors are participating in these kinds of deals every year?