I just figured its already a stretch getting them 80k below asking price...

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. 

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?

The other option is a kaleidoscope of residential mortgages which just sounds awful, residential loans are a PITA to apply for.If they were in poor shape and this was going to be an extensive rehab and value added deal my bank would structure it as an interest only construction loan for the first 12-18 months.

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

I wrote about this extensively in another post, but if you have to go the PMI route, ask the lender to give you LPMI (lender paid mi) and then buy the rate back down to where it was without PMI with discount points.Rather than paying 100-200 per month, you'll make a single payment of a couple thousand at closing. 

Why cant I create my own note for my LLC ,season it, then sell it as a performing note?

Perform half of the repair in 2015 and half in 2016?