Hey everyone,I have a  question in regards to where to invest next.I currently have a triplex and am trying to decide on whether to focus on increasing its cash flow via removing my PMI or moving on to purchase another one.Someone recently stated they don't invest in rental properties unless they are getting an IRR of 15%, and they seemed like a much more advanced RE investor then myself so I am going to assume that my IRR is 15% on this property I have at best.I currently have PMI for about $150/month.

A loose estimate (however not confirmed ) would be around $30-$40,000 to renovate the home and put in on the market for a buyer. 

To remove the concern of this one legal way to solve for this is to transfer your property to a Trust.

I don't know if you're aware but this building is under rent control and the 2nd unit's $1,900 rent cannot be raised much and there are tight restrictions on removing the tenant.The type of buyers this property is perfect for are two separate parties (think friends or siblings) buying it as a TIC with each party occupying one unit.  

After a months work to raise the rent, change the Home Owners Insurance company, get an Appraisal and maybe pay down a little on the mortgage to remove the Mortgage Insurance, I should be able to show up to $300 a month Net Rent.

The weather can play havoc on your property in cold winter areas.You need to make sure the property has been winterized by having the heating,water heater,pipes,rain gutters,and the like are serviced for winter and fully inspected.Make sure you have a snow removal plan in place like the tenant has to do it or you pay someone to do it on a regular basis.

Also what agreement do you use to assign your interest to the t/b and remove yourself from the deal.I know I may be asking a lot but I believe in order for a investor to add another tool to his or her Invester Toolbox you must learn how to use and execute your new tool.

When removing the old faucet I found the problem (see pictures below), gross!  

Since I plan to rent this previously owner occupied duplex, I want the seller to remove the asbestos.

I would recommend just continuing with your business as you otherwise would, and when you have a couple new deals that those buyers might be interested in, offer it up to them first.But:- I wouldn't look for deals they specifically want, unless they are deals you'd be willing to do otherwise;- I wouldn't customize a house for them unless they were willing to put a large enough deposit down that it would cover having to remove all of their customizations should they not follow through on the purchase;- I would pre-qualify them as you would any other buyer, and not give them any preferential treatment.In other words, go into the deal assuming the worst case -- they will ask you to do a lot of customizations and then back out of the deal.