I'd love to set up a conference call with you and our team to assess your goals and put together a strategic plan to achieve them.

It would be best if he calls the city and asks them to turn it in (although it is already on) in order to establish service for 2 reasons: (1) He's going to need to have the water on for the when the property gets inspected (banks won't loan unless everything is proven to be working) and (2) Right now the city could charge him with theft of water by turning the water back on himself (well, really the contractor did it but the city does not care). 

If this were a forum for maximizing profit in sales tactics where we can discuss the intricacies of getting paid for a diagnostic service call regardless of whether you actually diagnose anything correctly, well then...

Here's what I set aside per unit:Taxes:  ~ $100 per monthTurnover expense:  3.5% GSRWater/Sewer/Trash: $30-$45 per monthMaintenance: 12%Cap Ex: 2.5%Overhead: 1%Insurance: ~$25/mo.Debt service (100% leveraged): $350-$400EVERYTHING ABOVE is increased by 10% to account for vacancyAll told, each unit still cash flows between $100 and $200 per month.These are B-/C+ small MF properties.Note I do not pay for management as I self-manage, but that is offset by the increased debt service created by the 100% leverage. 

Hopefully someone can help shed some light on what my options here are:I've been speaking to my dad, who is a service disabled retired veteran, about working together on some REI deals.

Ask the title companies.But take heart if the goal is good service with an experienced accommodator. 

Call Luke at 970 Services!

However, the solo 401k plan permits an in-service distribution of such amounts upon attainment of age 59 ½ or upon a Hardship.https://www.irs.gov/retirement-plans/plan-particip...

I'm looking to slowly accumulate rental properties over the years to achieve a sizable cashflow and earn my time back on my own terms.

It's completely feasible to achieve enormous levels of success investing out of state - but keep in mind that when you get involved in a deal that is not local you're losing some control, and your visibility & oversight of the deal is dramatically diminished.Unless you're buying a turn key or getting into a PPM or some other commercial investment vehicle with a group that is managed and regulated, you may want to consider keeping it local until you've gained the experience and knowledge, and developed the out of state relationships necessary to be successful from a distance.