If you want a certain amount per month cash flow after accounting for all the expenses, then that will dictate the equity you cash out to give you the performance you are looking for.

Have you had a recent Windstorm mitigation survey performed? 

I would like to start buying non-performing junior lien notes and I was wondering, with the financial crises far behind us, if anyone had a feel for what the supply of these notes will be over the next 1, 2, 3 and 4 years?

Run the house hacking idea by your wife and see if she's up for the task.  

If covering water isn't typical for your market and the units are in demand you could consider switching this to tenant pay and improve the property's performance. 

It's only 12 years old and one of my best performers. 

I'm currently tasked with revising the management structure there.

Looking for some guidance.I presently own a duplex, purchased in 2006 (was my first RE investment) - when I purchased rents were $725, I've now got the rents to $895 per unit, so $1790 per moVacancy is low, however when a tenant moves out, I typically will have it vacant a month or two performing updgrades and maintenance, (have overhauled/lightly updated the bathrooms, paint, exterior doors etc)  Typically when I start advertising the vacancy I have it filled in a month with a good tenant.

Perhaps not enough to obscure the picture.Q1: Is it correct to do an IRR estimation and compare it to the stock market performance?

Total monthly income after expenses and reserves is about $450, or $75 a door.4 performing notes - remaining balance $$185k, purchase price $129k.