The return on investment you can generate with the remaining balance will be taxable.  

Just because a place pencils out on paper doesn't mean it works if the tenants don't pay and you have to go through evictions.Go to your local REIA to see who operates in the area.

with over $50,000,000 under management I can tell you that on average B & C class assets with $650/mo-$1k/mo in rents per unit are gonna eat up about half your rental income to operate on an ongoing basis.

Total operating expense: $2605Mortgage expense:$23004 unit apartment:A: $950B: $1200C: $950D: $$1200 (this apt I’ll be living in)Monthly Income:$4,300.00Monthly Expenses:$4,879.83Of these expenses are CapEx savings, repair savings, and vacancy savingsMonthly Cashflow:-$579.83NOI:$20,332.00Total Cash Needed:$42,365.00Cash on Cash ROI:-16.42%This is a FHA loan with 3.5 down on $439k.

Except bumping up your thread, I don't have much else to offer except to consider getting a generator so that your computers can continue working during a power outage. 

More and more friends tell me that they are coming to town to see a concert (especially true since T-Mobile Arena started operating).  

Why not generate cash by some other means in the meantime?

AtlantaREIA is more of a mixed bag and seems to be focused on revenue generation.

Looking forward to learning more and sharing some of my insights.I currently have one investment property, condo, generating $1,700/month with a mortgage/HOA around $1,000.

Here are few basics : % of ownershipsDispute resolution, etcDeath/Disability of a partnerProfit/Loss allocation and capital contributionI would recommend consulting a good attorney to get a list of things that you and your buddy need to discuss and have a framework to draft an operating agreement.