I have an additional question though.

I bet the guy who invested in CA 5 years ago is doing way better than the guy who invested elsewhere 5 years ago - even if h produced more "cash flow" at first.

Additionally, if anyone has any ideas on how to find market lease rates and companies or firms that build steel warehouse buildings that would be greatly appreciated as well.Cheers,Mike

My best bet might be to write the contract and assign it to someone.

The cap rate is still at 10%, and assuming other buyers in your market would only pay $1,000,000 you have additional risk.If you are analyzing deals involving cap rates, it would be highly advisable to consult with a commercial broker that knows the local market well.

I have been listening to the podcast and am getting really excited to learn all about the different ways to earn additional income as a real estate investor.

Keep the rest (117k) for savings/additions/whatever else/maybe pay the monthly mortgage??

Sometimes agreeing to a higher purchase price, with seller paying you after closing (most banks won't allow this)Seller financingHonestly the personal loan is probably your best bet, are you flipping this deal to an investor?  

Failure to do so results in having to refund the entire security deposit, PLUS an additional 100% of the original deposit. 

In addition to the local REIA's, check into local real estate Meetup groups (Meetup.com) and there's also area-specific Facebook groups.