One additional snag is the size of the loan- 52-58k.

Could you qualify  for additional purchases if you sell and use that equity as a down payment to turn 1 rental into 3-4?

Plus if you ask a bit higher and get it you always have you inspections and contingencies to get or ask for a reduction in price if you find things that hurt your numbers.

@Gary Dawson, there is a way to do that with exchange funds but it is an additional process called a reverse or reverse improvement exchange. 

During inspection periods we have found a $60K cost ($40K of which was fixed price by the municipality) and a $50K cost.I closed on both these properties at a reduced price (one reduced the price significantly (the ~$50K issue resulted in $46.5K reduction) and one reduced the price moderately compared to the cost (the $60K resulted in a $9K reduction)).I do not know what your earnest money is. 

Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.You can borrow up to $50k from the plan; IRAs do not allow for participant loansThere is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

Please feel free to also reach out to me if you are interested in working with me or have any additional questions. 

In addition, our lender will pre-approve the LOAN which allows underwriting to happen before we find a property.

Additional costs such as closing costs (investment property and home equity loan, vacancy in the beginning, repairs)My main question is: Is a home equity loan a reasonable way to generate money for your first deal? 

Additionally, buy the book called Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss.