@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.

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.

Owner said they'd sell it at $250k.The price seems pretty high when I compare to the rental properties I've bought.

@Skyler Flintall the reason we don't take financing into account with cap rates is that (in theory) the cap rate lets you compare the investment returns between dissimilar investments.

If chemical levels are off you can actually damage the pool surface and resurfacing a pool can be $3000 and up.

Probably can't go wrong in either area, though I'd say the Raleigh area is probably your safer investment as it's not really dependent on tourism at all compared to Orlando.If you want more cashflow you'll probably be better with parts of Raleigh or Durham, whereas Morrisville, Apex & Cary tend to be better with appreciation... but it does depend on location, and the particular deal.

It's separated into two buildings, which are comparable in size and take up a good chunk of a city block.

Just call around and see what other banks have to compare.  

The average rents for comparable properties was $1,368The average sq ft was ~1100Most properties were 2/1's; most did not have a backyardAll properties had to mid-level rehab, some are very high-end and could be considered outliersAnalysis can be found at this spreadsheet. 

Just explain to them what you are looking to achieve and you should be able to find a few to compare.