The Service will not challenge whether a dwelling unit as defined in section 3.02 of this revenue procedure qualifies under § 1031 as property held for productive use in a trade or business or for investment if the qualifying use standards in section 4.02 of this revenue procedure are met for the dwelling unit.It's important to keep in mind that "personal use" also includes family, friends, or anyone else who did not pay FMV rent to stay there; if they paid FMV rent, their stay(s) would not be considered personal use.

The challenge is usually when it comes to creating a proforma or any kind of projection that can define a cap rate and cash on cash returns for example.

But I personally would never use a doc like this, as it much too simplistic to cover your bases.I.e. the clause of "Closing costs:being paid by buyer" doesn't define what qualifies as a closing cost.

The rest of your question requires some specifics, and that's still vague for me; that makes it a very good thing for me to think about and define.

@Ola Dantis Proved the adage: adversity builds character!

I am getting the actual numbers from the county - taxes, talking to landlords, already understand eviction laws and def in search of a property management team to handle the maintenance piece.

My advice would be clearly define your real estate goals and surround yourself with a great group of people with similar/related goals. 

Tangible Personal PropertyIn Reg. 1.48-1{c}, the IRS defines tangible personal property as “any tangible property except land and improvements thereto, such as buildings or other inherently permanent structures (including items which are structural components of such buildings or structures).”When segregating the assets, the Cost Seg engineer uses the six identifiers created by the IRS to establish permanency which determines if an asset is a structural component and not personal property.                      1) Is the property capable of being moved, and has it in fact been moved?

There is no real concrete definition or any clearly defined boarder for the Atlanta MSA, but if you google image you'll get a good idea what counties are considered part of the MSA. 

Note a recession is defined by GDP which has some relationship to unemployment, but is not unemployment.