It's not directly addressing your question, but I hope you find it helpful.  

Has it been through loopnet, working with an agent, direct mail, or some other method?

Please feel free to shoot me a direct message so that I can better understand it.

The price you pay is directly related to the risk associated.

If you own something directly in a major metro, and it is not too much of a financial pinch to prevent you from steadily adding to the portfolio in a less expensive area, keep it.  

I would probably need to speak with them directly on how to structure this, including creating a company. 

Assuming I have a Roth 401k at etrade, where half my account is tied up in equities, and the other half in cash, can I move the cash portion into a new self-directed 401(k) to use for real estate?

Until he learns the regulations he should not be dealing directly with tenants.You are responsible for learning your state regulations and can usually find them on line.

If we're close we'll usually write an LOI quickly to lock the property up but if we're way far off I will generally ask the seller/agent (we try to negotiate direct to seller as much as possible and stay away from listed properties), if it even makes sense to write it up. 

As the investing landscape shifts and as you gain experience, it's more than likely that there will be at least some slight disagreements with the direction you want to head.