Keep up the good work Daniel! Your focus and dedication is evident.
Portland looks more affordable and looks to also have a better price-to-rent ratio than Vancouver... If you are looking to invest in your backyard.
However, in both Vancouver and Portland, with price points showing a median home price of ~$480k and MF showing about $200k+ per unit, cash flow will be a challenging task. A market like yours is prone for little-to-no cash flow, but favorable appreciation.
If you are putting a substantial down payment up (likely 30%+), you could accomplish both. However you need to also consider your COC return and where the best use of your cash is. Comparing ROR to potential appreciation on your cash. Unless you can get 8%+ on appreciation, you're better off putting the cash into the stock market. But, let's stick to real estate...
When determining where to put your money to work, you always have strategies that provide returns in short-term periods of time and those that provide returns in long-term periods of time. Of which, some being unrealized gains.
Here are some options:
Tax liens - provides potential for interest income and the potential to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.
Tax deeds - provides potential for interest income and to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.
With these two strategies, you can either fix and flip after - renovate, rent and hold or wholetail. This leads into the next short-term strategies.
Fix and Flip - provides potential to invest lumps sums and earn a multiple back in a short period of time.
BRRRR - provides potential to invest lumps sums and earn a multiple back in a short period of time on the cash out refinance. However, this is a buy and hold strategy for cash flow, equity paydown and (hopefully) appreciation. This strategy provides incentives for (potentially) both short and long-term investment strategies simultaneously.
Buy and Hold - provides either; little-to-no cash flow and high appreciation, high cash flow and little-to-no appreciation, or a little of both. This is a long-term strategy that does not return your lump sum investment for a long period of time (if at all).
Bank auctions is another option to entertain.
Being that you have partners, I realize you all are not considering house hacking. But for a personal strategy, I recommend this for if you do buy where you are residing. The rent rates look good and if you get a multifamily, you should get the majority of your mortgage covered if not the entire amount (if you put down 25%+). This would be a long term strategy.
Depending on your access to deal flow, you can conduct these options in your market or outside of your market. I do not recommend flipping or BRRRR'ing remotely to start. You can manage buy and holds, but not value add until you get more experience and can manage people effectively. For the cash flow models, you'll likely need to seek remote opportunities. If you're considering PA or assistance with tax auction consulting, give me a buzz.
Feel free to connect for further dialog. Hope this helps.