I would highly recommend paying off your consumer debt before investing in real estate.

Here is where it gets interesting:Unit 6 previous manager who is paying 550 decided to not pay and threaten legal action.

You may have to consider a creative strategy to get them out like a pay to leave situation if they resist: offer to pay for the moving truck or application fee for the next place or even give them the last month for free...anything to get them out and get your unit up to market value so you can maximize your cash flow.A few points to note before you take action - be sure your area doesn't have any rent controls or laws restricting landlords from raising rent. 

Just a good lesson for landlords out there to take action immediately when rent isn't received.

You shouldn't just the mass by the actions of the few; especially as a mod.

Hopefully this inspires you to take action!

It's still a formal process, however.If your tenant does not move out as promised and you do end up needing to serve a notice to evict, I highly recommend you don't take any action without consulting an attorney.

Then you just need to come up with the action steps related to these goals.When analyzing markets you want to look at things like population growth, job growth, a diverse economy and shortage of housing which Atlanta has in spades.

And regarding tax returns and bank statements, I guess the safest course of action would be to follow @John Farady's advice and have the applicant submit their 4506T to the IRS, then wait 3-6 weeks before making a final decision.

Multifamily Investment ForecastCBRE Biannual Cap Rate SurveyIntegra Realty Resources (IRR) Annual Viewpoint Commercial Real Estate Trends ReportZillow Annual Consumer House Trends ReportRCLCO Quarterly State of the Real Estate MarketPwC Annual Emerging Trends in Real EstateI hope this helps and please reach out if you need me to clarify something.