@Chatree C.You will need to find a Solo 401(k) plan document provider and then you can have the funds reside at the custodian that you mentioned or at a local bank if you prefer.The Solo 401(k) provider will also assist with the ongoing compliance requirements such as filing form 5500-ez when needed, processing plan updates and  also answering technical questions regarding the rules and regulations.Regarding UDFI, this tax generally does not apply to the Solo 401(k) plans.

@Dan Heuschele I really do appreciate the detailed feedback.

Give detailers as to value, market rental rates, condo fees exc. so that we can assess the option to hold as a rental investment or not.It all really comes down to dollars and cents unless you are an appreciation speculator.Your decision to sell and purchase another fixer upper may be a easy decision if this property is a poor investment as a income property. 

I attended a 2 year technical program out of high school and have been working in that field for a few years.

are there any technicalities I should be aware of?

(ie 50/50+ splits over certain hurdles) Thanks Mark, I would agree that these are very important details that can't be overlooked in regards to structural risk. 

@Juan Rubio ask the owner for details of the lease term.

Some details-LLC will have same members, loan will be paid off.I briefly talked with a CPA and he suggested that we sell the property to a new LLC. done.Is it going to be that simple?

One other detail I thought of.

My downpayment cold be as high as $92500, so technically will cash flow although Cap rate max 6-7% is anemic.