But it would result in a higher interest rate that will cut into my current cash flow, so maybe it's not the best idea. 

It'll cut down on noise and you can trust yourself to keep good care of it.

Your Solo 401k cannot rent properties to disqualified persons (you, your spouse, your parents, grandparents, children, and your grandchildren are examples).This is true whether you manage the rental or a property management company takes care of the logistics.

As others have said, be careful with these types of package deals.

There are also First time buyer programs in many cities and being in the Health Care industry may have options available sometimes as well.  

@Noah Mencia, yes, he will have to be careful about what is allowed by the local & state jurisdiction & comply with both.

Cuts that expense down greatly.

So when this property inevitably gets foreclosed on due to back taxes, he won't care what it does to his credit.However can this property being foreclosed on, can this have any affect on my credit score at all?

I think until then I'll continue to work on REI education and cutting personal expenses.Brandon

I always notice what plants look like they are thriving despite any evidence of care.