The market will not support cash flow on a rental this size so I don't consider that an option.

@Bernice AganaWelcome to Bigger Pockets you've joined a huge support system in your real estate endeavors.

So to have a local group of like mined investors who can rally to support each other I think is a great idea...

This allows me to acquire the property at a lower price point and either do a complete reposition, if the area will support it, or just improve the units sightly to get a better quality tenant and increase the cash flow with rent increases and lower the expenses with lower maintenance costs. 

Wow, I feel like a first year university student that walked into an upper level course. 

With only a third grade education due to having to work to help his Mom support the family, He was able to leave his children a Triplex, a 5 unit mixed use and a 2 family home.  

My concern is that I have several 6 bedroom group homes I rent to University students.

It also depends on the actual lender, but like most everyone said; you will more than likely need tax returns for your business and personal returns as support.

Some more about me; I was born and raised in Houston, Texas and have spent the last 4 years stationed in Virginia and will be moving to Michigan most likely to attend Michigan State University.

These are facts that support my argument that your IRR push is not nearly as viable as the much more accurate calculation of cash flow and cash on cash.