A minority of 401k providers will let you transfer the loan to a new provider, but I have yet to experience that option with any 401k I have had. 

Is this normal cost or high?

I think it's just a matter of being a bit creative and finding opportunities to add value to a property.

Last piece of advice is to surround yourself with quality service providers (real estate brokers, lenders, accountants, attorneys, PM's, Contractors, Insurance Brokers)., They will be instrumental to your business. 

Using a CAP rate of 7%, the $16,000 becomes= $228,000 of added value. 

This will consist of finding a good deal that requires some work and is below market value, and making sure your contractor is accurate with the budget and executes the work as stated in the contract.

Quote from @Ray Forrest: Hi Hannes,Does Raisemasters provide any sort of templates, guidance or content on building a website for raising capital? 

Applying a value add strategies can get you to much much more equity rather quickly.

I know a lot of investors have done very well in Peirce County but I just haven't learned or know enough about that market to make an investment there.Washington state properties are expensive and can be difficult to make breakeven let alone cash flow at this moment due to the combination of high prices and interest rates. 

Thus, they will contact every owner they can that has a rental being advertised, hoping the owner is tired and just wants to dump a headache of a property for 60-70% of market value.