Although I see why you are curious about its effects, inflation adjusted IRRs are not generally used in a commercial real estate analysis (especially given the current low-inflation environment).

I'd go that route rather than a JV so that you maintain the control while you rehab the property and either sell or rent it.

This would give an effective APR of about 9.5%.

I was watching Eddie Speed video and he said something to the effect that he used $100 to open up a ROTH IRA and used that account to buy a $70,000 note.

Do you have any advice around how to most effectively collect rent on late tenants?

I'm trying to get and idea of how this situation will effect my tax bill for 2015.I purchased and renovated a house in fall of 2015 with cash from a heloc on another property.

The loans are forgivable after 10 years (5 remaining) if certain tenant guidelines related to income are maintained.  

A sole proprietorship is probably the least effective as far as maximizing tax benefits.

Lenders are looking for safe places to earn interest and I don't think showing them a year of negative cash flow is going to have a positive effect. 

I would agree with Michael....of course the price would depend on the deferred maintainance and how much rehab the inside needs.