The way I see it is that MIRR accounts for IRR's two short-comings: 1) potentially having multiple solutions when the cash flow from the investment goes from positive to negative and vice-versa, and 2) assuming that you can reinvest your positive cash flow from the investment at the same rate of return you expect your investment to make (the IRR).

However none of them will appreciate as fast as Auckland or Hamilton IMHO.I invest in Auckland negatively geared because real wealth is created through appreciation not cashflow.

I have heard of this group before and I have not heard anything negative about them.

If the current owner walks away with the security deposits and the tenants cause damage before they move out you will find yourself in a hole.Lastly if you do make an offer and look to close, I would speak to the tenants and let them know management for the property will be changing, ___ is the day rent is due, ____ is the day a late fee will be applied, and if they are negligent you WILL file for an eviction.

You can also go to your local Real Estate Investor Association meetings to make some very valuable contacts.Start speaking with lenders (both big banks and the smaller ones) to get a feel of what they would require you to bring to the table.

Will this be the VA task you speak of?  

Speak with your attorney about the possibility of eviction for the police action or restraining orders. 

Steven,One more point to consider is that historically speaking interest rates on debt are low and there is value in the ability to lock that much money at 4.75% for 30 years as who knows where interest rates will be in the next 3-5 years it sure looks like they are trending upward.

Typically speaking a conventional I believe is better.

Ask to speak with some of their current owners and current/former tenants.