So much sloppy work out there these days for way too much money. 

So your decision is: do I borrow the money at 6% (subsidized by the tax deduction, which work out to be more like 4.5~5%) to make that investment or do I pass?  

It's probably best to take a step back and see if there's something more manageable and profitable rather than keep trying to work out this puzzle.

@Amanda GordonHave never done any work out in Atlanta, GA but I can tell you what I've done and have seen clients/colleagues do up here in NYC.

When you are not doing that you can also put in offers for properties on market under asking that the numbers workout for you. 

how do you handle UBIT when you work out these distressed notes.. when they are in your IRA. ? 

So if you are looking for a long term relationship, it's best to workout a win-win situation.

Did Jesse Holsapple work out?

If we can pull at least one/two of them the numbers can work out.

But they leave out the risks they took and times things didn't work out well.Most people started with something they lived in just so they can lower their living expenses and save more money, rent out the rooms or the other unit so your paying allot less in rent and mortgage.Allot of people did the toilet replacements and maintenance themselves in the beginning because they didn't have the money to pay someone else.So find a decent deal and buy it, just get started.It's easy to see people who are at the mountain top or clearly letting their snowball roll down that hill and miss the decade(s) of wading through the swap to get there.All you can do is learn as much as you can from them and just try to roll your snowball a little further up the hill.