The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

Take a look in some of the outskirt Atlanta counties, but you aren't very likely to find anything on the market that needs minimal work and will cash flow.

I have a unit with electric baseboards an while maintenance is minimal there are always cost complaints.Mini splits supposedly cost less to run then electric baseboard but I have not tried them as we would need an electrical upgrade.

The buyer has delayed and delayed paying us back as the economy so dependent on oil tanked.  

-Monthly rent for each unit is about $1200/mo with the possibility of finishing the attic, either as a 3rd unit to rent at 1000/mo or for more bedrooms...so minimal gross income is at $2400/mo.

But the tenant may have a valid reason to contest or at least delay court proceedings based on your mistakes.

You have zero equity the moment you start, and zero equity when you get to the balloon payment.You are simply delaying the day of reckoning when you have to buy the property for a short term gain in cash flow and tax loss.

It's a smaller purchase price, so the down payment was pretty minimal.

Basically, there are a lot of ways to determine what your salary "should be" to both maximize tax benefits and minimize audit risk, but nobody here can tell you what that specific number is.

It was built in 1971 and has only had minimal updates since then.