IRAs would require separate entities.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 :)

How can you produce profits when your financing options have interest rates that are much higher than those offered by banks?

There are many online tenant screening services that offer a wealth of blog materials that you could probably utilize to learn more about different areas of being a landlord and screening tenants for the first time.

@Amy Hu all of those things are no less likely to occur in state if you use property managers or contractors- I think due diligence just needs to be emphasized more heavily by people that are utilizing professional services to manage all aspects of their asset.It's terrible to hear what's happened with your PM and contractor.

Interest, insurance, utilities etc etc, so your math is way off.What you presented does not appear to be a "deal" it appears to be an offer you could make in order to maybe get a deal.

There are a lot of great blog articles out there for you to utilize too -- some even provide a step-by-step infographic on how to use online tenant screening services. 

I would also see if you can call the utility company ahead of time to make sure it is on.

So for some, owning an asset that produces $100 - $200 per month in cash flow with no initial investment is fantastic. 

This would require two closings, and you would have to come up with money for both.Although FHA is very useful for people starting out, 100k is a lot of liquid capital you can utilize on an investment property. 

Rents are currently $525 but all the utilities are included which cuts heavily into cash flow.