Do I need a lawyer in this transaction?

This probably goes without saying but I'm not practicing engineering in communicating here - just helping you brainstorm, perhaps.....So firstly, I had a candid conversation with another residential structural engineer here and he indicated that most of his work is on the buyer side, and he felt he often provided more value on that side of the transaction. 

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m)The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company  (IRA LLC) must be utilized.

I'm thinking of targeting the most delinquent in the form of a yellow letter, with a picture of the home printed on the envelope in efforts to boost open/response rate.

@Julio Fernandez What volume/size of transactions are you looking to do?

You may also want to consider the rehab loans besides the 203k loan, its a great product but it can be a bit more complicated than other rehab options and in the hotter areas your offer with a 203k loan ay not look as attractive to a potential seller.

We don't want this transaction to ruin your friendship.Let me know if there is anything else I can help with. 

What I can recommend is taking some floor plans and product from nearby neighborhoods or houses you like and backing out the estimate from that.  

I really like TRANSACTION cordinator..

And, some of them offer no cost trades upon transfer and cash incentives for transferring accounts.No more fees, no more crappy online experience, no more waiting weeks to access funds from transactions, no more having to request statements or documents, no more M-F 8-5 only hours, no more bad advice.