If the primary goal, and it should be, of every investor is a return of capital and the secondary goal is maximum return on that capital, then you are in a great position.The real problem you need to solve, as I see it, is taking advantage of the unused equity in your Atlanta property.

Quote from @Jordan Ryan: Yea I’m getting mostly around the same numbers honesly just very hard to get a a decent coc return with these rates.

I get the 2 schools of thought on keeping cash flow to stay liquid vs. investing your money where it will make the highest return, but my W2 job salary means I don't "need" the 2400/year of cash flow at the moment, really all I am looking to do is maximize this rental return over a 10-15 year return window.  

I feel like I've heard a few podcasts lately with guests that have done this strategy, unfortunately I don't remember their names.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Be sure to tell your accountant that you may now need to file non-resident income tax returns in each state where you own property as well.

I claimed for years 1) initial cash flow and cash flow over a long hold have a poor coupling 2) that I would purchase a property with negative initial cash flow.  3) I cared about total return and did not give a $hit about cash flow if the other returns produce an outstanding return 4) that cash flow is my least favorite return because it gets taxed annually. 

What if one tenant is late or doesn't pay their amount? 

But, invest it in a mutual fund paying an average 8% return per year. 

However, leveraging your money with a 30-year mortgage could give you the chance to buy more properties, increasing your overall returns and diversifying your investments.

It is also my understanding that this would result in large tax returns (from depreciation offsetting my other active income) that I could use to continue to expand my portfolio.