@Bobby BarlowYou could purchase the property with solo 401k funds provided you have never owned it and later take it as in-kind distribution (pay federal and state taxes on the value of the property) if you want to have access to it.  

4) Why are the investors willing to give away $5000 to a wholesaler in an assignment deal (until I have the cash for a transaction funding deal) when they could find the properties themselves? 

So rather than get a hard money lender would he be better off trying to raise private money?

I know I won't have the funds on my own but I'd like to approach my neighbor/mentor about it and see if he'd be interested in partnering, if the deal is good.

Also, this house has sentimental value to me as it's been in the family for generations and my mother was raised there.So instead of selling it to hungry developers, I want to buy it, I want to demo it and I want to build the duplex- but keeping it in the family and renting the units out (maybe one day I'll move back and live in 1 unit).  

We use a PML to fund the 20% of the purchase price needed to make a full package.

But due to funding I am pursing wholesaling first.

At this point you are able raise the rent if needed to keep it at fair market value.  

We will see how the Federal Flood Insurance works along with how long it takes for FEMA to show up and the President to send Federal Funds for the hurricane disaster areas.

Had you put the same money in a general Dow index fund, you'd be looking at about 80-90% return over the same period, with zero work involved.