. $3,000 goes very quickly when you're doing value add.IRR is also, honestly, a poor metric to use despite its popularity.

Quote from @Scott E.: Sounds like you need more than $60k.

I'd request the seller's Schedule E for the property.

This is close to a super popular area of a popular vacation city that is packed with visitors every week and weekend.

Sounds like a very popular area.

I'm sure you have heard it's popular to create LLC's in Nevada, and Delaware. 

For these reasons, an LLC is a popular business structure for entrepreneurs and small business owners.

I came across a property that I have been absolutely struggling with making a decision on and would appreciate input or guidance.The property -The property is set on 12 acres (some of it developable) located and in driving proximity to a popular state park. 

It appears from talking to a friend that it may be possible to just file a 1040 and thus omit the tedious 1065s and 1120- one apparently has to do schedule E for the pass through income for the 1040.

@Michael GermanoThis is one of the most popular financing tools for folks who are looking to make a foray into real estate investing with no or little money down.