@Nicholas Kuton, You would have to provide more information concerning your situation and your future goals to answer that question accurately.How many rentals do you plan on acquiring per year?

With this being a turn-key property, my thought was if the numbers could work at the asking price they would get better if I could acquire the property for less.

I would like to leverage equity in paid off investment properties in Texas to acquire more properties. 

Maybe working with a turnkey company in one of those markets, or if you want to get more involved build your own team to acquire, renovate and manage.  

Each requires a separate skill set that you need to acquire. 

If Optionee does not acquire an End-Buyer within the time limit agreed upon in Section V “PERIOD OF OPTION”, noted above within this Option Agreement, this Option Agreement becomes null and void.9.

So I set up a double closing, and then do I use the funds that my buyer wired in to pay for the A to B transaction or do I need to acquire some type of transactional funding?

My first deals were here, but I now have property to the north and am about to acquire my first properties in northern Illinois.I enjoy the rehabilitation of depressed real estate (like therapy for me - seriously!)

@Derek BennetsenTo clarify, a Solo 401k is specifically exempted from taxation on Unrelated Debt Financed Income (UDFI) when the plan acquires real property using a mortgage.  

It also may depend on how you acquired it - for instance I think some foreclosures (e.g., Fannie / Freddy)  have a maximum increase (say, 10%) that a property can be sold for within a certain period of time from the acquisition (say, 3 months).