You then use the money to pay for commercial attorney fees for lease termination and settlement, tenant leasing broker fees to find new tenant, lost downtime rent until released and occupied by new tenant, commercial attorney new tenant lease negotiations, and any tenant improvements credit tenant is seeking.You also need to check the rent history of the property for businesses for environmental issues.If this tenant is paying close to market rent and weak net worth then that can be very high risk.No legal advice given. 

Generally you would want to have a broker's license to start a PM company or partner with someone who does.

However, the insurance broker I met with estimates in the 50-60k range.

It doesn't matter how the lender is (private lender, a broker, bank, financial institution, etc.) - the loan to the 401k must be "non-recourse", meaning that you do not provide personal guarantee, the property is the only security for the loan.

Essentially they're designed to fill the void in the market between hard money and conventional financing.Find a good mortgage broker and have them work out some scenarios for you. 

I researched like crazy over the last 2 days and after all income, costs, taxes including tax benefits, maintenance, vacancy costs, broker fee etc, I expect to get about $200 net income a month for the place.

He also did the taxes for my fiance who is an RE broker. http://winteraccountancy.com

Are you in any way legally bound to your broker?

I'm a California real estate attorney and broker. 

Brandon Abbott and I toured/shopped 11 true off-market, non-brokered properties in the morning.