I'll outline the exit strategies and division of profit/loss options below.

when you pull the information on the properties look for a tax mailing address that is different from the subject address this will let you know the building is not owner occupied, it will also give you the address that they are receiving the tax bill at in most cases this search will also yield the name of the owner. 

Please see more below:Solo 401k vs Self-directed IRA:A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation:Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

If you are planning any of the transactions outlined above, I highly recommend you contact a professional such as an attorney who can ensure that the structure is set up correctly. 

Focus on working with true subject matter experts, not just the first person you happen to meet in those roles.

Purchase price: $149,000 Cash invested: $44,000 Sale price: $280,000 This was a pre-foreclosure 'subject to' deal.

At the end of the day appraisals are very subjective and personally I would trust my own ARV verse what an appraiser says.

I’d proceed as outlined above.

Another thing to think about is maybe offering the seller a subject to deal?

PROPOSED: Requiring each county to establish a program to license certain residential rental properties on or before September 30, 2021; authorizing a county to create certain exceptions to rental property license requirements; requiring each county to establish a limit on the number of rental property licenses that may be issued; prohibiting a county from issuing new rental property licenses after a certain limit has been reached, subject to an exception for certain property that has been in continuous operation as a rental property; etc.Until it's passed, it it passes, nothing to worry about in my humble opinion.