Separate meters..who pays which utilities..Terms of leases and Estoppel certificates, any recent inspections, appraisals or capital improvements..

I would think besides the bureaucracy of splitting, the most effort in this scenario is maybe utilities require splitting.  

Bring in utilities?

I want to utilize either a 2nd home type product or investment property product.

Their net rental income for that year 6 (assuming 5% rental increases per year but increases in management fees, utilities, taxes, insurance) would be 24k.  

I have some land about to be under contract where I plan to clear it, reinstall the utilities, and either build on it or have a smaller new home built on it.

Reason for this is that our 40% partner who leads the group purchasing the property accepted a SUBORDINATED note for his interest in order to put the deal together.Bottom line is this, by utilizing a number of CREATIVE real estate principles, financing, deal making, etc. we have increased our wealth by anywhere from $235,000 to $635,000 over what we would have had accepting a cash sale.  

@John McKee, to be certain: IRR is a standard financial metric that is generally universally utilized.  

Typically DSCR is minimum 20-25% down, they will utilize a proportion of the current or proposed rental income to qualify.I'd have a second look at the income for full documentation qualification as well..there might be some other ways to qualify income..including asset depletion..

So far we have dumped 70K not including misc fees like insurance, utilities and other stuff.