You did not indicate if you plan to continue to live in CA. 

Definitely recommend the BP Podcast, blog and forums to continue learning more.

@Costin IorgulescuAs I noted, if investing in rental property will produce better results in terms of risk/reward than continuing to invest in the stock market only, then it is the right move.There is no apples-to-apples comparison between you personally investing in real estate and your IRA investing in real estate, just as comparing you investing in stocks with personal funds would also be very different from you investing in stocks with your IRA. 

The electrical can easily be inspected with a simple voltmeter to test continuities, voltage, etc.

I will definitely continue to read and understand the rules prior to making a decision on whether it's the best route for me to take.I appreciate the input and link!

We are hoping to continue growing our real estate portfolio through multi-family homes and possibly a few single family homes in the Buffalo area. 

He is allowing me access to the MLS thru him but I’m uncertain what data is best to have in order analyze comps/potential deals.Here are some things I plan on asking:-Comps in my target area-Hot ZonesThings I’m unsure on:-What data I should prioritize without having a subject property to allow me to find potential deals-should I continually check in with him to record update data?

Its a great place to continue to build your knowledge base as well as build the team of professionals you'll need to reach your REI goals.I'd advise you to set up keyword alerts (click the little bell at the top right corner next to your profile picture) so that you're aware anytime a forum post mentions a topic/area of interest.Also... attend local events and meet your dream team in person!

Also, longer-term, the net proceeds from this deal will fund future deals and better cost of funds on those deals, which done right will help me continue to beat 401k returns. 

I think it would be best to continue improving my credit while shopping the investment plan to friends and family.