Now he market has gone up but we have held onto it because we are able to rent it for $2400 per month and make a nice profit.

Shane, There are a few things I saw on the report that I think you should ask for seller assist so you can fix it yourself (Never ask seller to fix anything, they are trying to keep as much profit as possible, so they are inclined to do half-*** jobs) or ask for 2-3K reduction in price.

I totally get why you should reinvest profits from rental units.

If your current rental property has significant equity trapped in it, you can either pursue a HELOC on it (may not be as favorable as your primary residence) or a cash-out refi. 

Buy a duplex because it makes a great business sense and use the profits to pay for your vacations.  

She didn't pursue the conversation further and today I got an update from the ex-husband.

What would you want to have as a desired profit for this house?

What would you want to have as a desired profit for this house?

We try not to get into anything that if worst case scenario we know we cant fire sale for a profit or rent for cash flow.

Never going to be able to turn a profit renting it out.