No formal training. 

Seller is not experienced in the process and did not hire an agent for representation.I sent in a formal contract offer. 

I assume this would require some sort of formal parcel/lot split with the city if it were allowed, anything else that would need to happen?

Lay it all out together then go see an attorney to formalize. 

The building I just purchased is on Lombard bordering Cicero.

Is it mostly formal written communication?

I still got an inspection done though, just to know what problems I had to formally address - can't let the sell fall through at the flip.I don't think that I'd remove it for most deals though, so my example is the exception to the rule. 

The solo 401k plan participant may withdraw at any time (after completing a distribution form), all or any portion of her account balance attributable to “rollover contributions” and/or “after-tax contributions.”Employer Contributions: Employer contributions are subject to more stringent distribution rules and may be distributed upon the solo 401k participant’s severance from employment, death, or disability.

I’ve got a general idea of my plan, which I’m drafting formally on my desktop.

super exciting, congrats...watch out for remaining open and pulling permits..Duval, border counties, like never before are targeting dumpsters, we buy houses signs, dinging for anything, door permits, etc....I "think" its because of insurance companies, and past hurricanes, the county is hunting and penalizing hard like never before......aggressively  against investors..the city turns a blind eye to children not in school during the day, rather than enforcing, but is looking for rehab investors to penalize and enforce.....maybe thats where the $$ is..