Pro tip: make sure the rehab budget is non-dutch, meaning you are not paying interest on the rehab budget until you begin to use it. 

My recommended next step is to reach out in your local network (probably folks here on BP) and attempt to find a reputable lawyer with specific RE/LLC experience in your state/area.  

Sometimes, these folks still slip through the cracks.

With negative cash flow you have to continuously pay out of pocket for repairs or upgrades.

Depending on how far these tenants are lagging market rates for their similar size and condition of unit, you can be a touch more aggressive, but likely want to keep your rates $50+ below competition, so even if they are pissed they will start shopping around and realize they will still have to pay more and incur moving costs, if they choose to leave.

Most owners don't want to pay a PMC enough.

I would then buy more properties and use that cash flow to pay off the 401k loan in time

Unless companies set up new operations in the city creating replacement jobs, all that will remain are lower-paying service sector jobs.

That's not supposed to happen (according to a bunch of folks on Bigger Pockets).

If a seller has a very low interest rate and the buyer can pay more than what it is worth and have no realtor commission, so more goes to the sellers pocket.Subject to has been around for decades.