@Charlie Moore, the challenge I have with this question is: how are you planning on calculating CoC returns.  

For more info, here is a link to the Hilltop Land Use Plan provided by the City of Columbus. 

We planned to have it paid off in a year and a half.

Management went back and forth with Delta until finally getting an email from Delta that these issues weren't covered by their builder's warranty.1.

---So, learn the neighborhoods where you plan to invest and use Google Streetview to virtually explore them.3) Poor Tenant Screening - they typically can't sell a property until they place a tenant.

The town requires plans, proposed text, detailed narrative, and design guidelines before they'll accept the proposal. 

I personally would put the property into an LLC as part of an overall plan to protect my liability.

I think 'high IRR' is subjective but also linked to the business plan.

There's so much to learn in the industry, glad you have a plan of how you want to invest.You're in a great market in the Phoenix area, I invest and live in the area myself.

I'd plan to own it about 18 to 24 months.