The property is ~75% occupied, so it wouldn't qualify for agency programs.The seller is extremely motivated and may even consider seller financing her equity.

@Steven Kim talk to a lender and an attorney, but to use a VA loan you MUST occupy one of the units for the first 12 months of the loan, or its mortgage fraud.Find it hard to believe the owner found a traveling nurse willing to pay $700 / 39% higher rent for month-to-month lease.

Since Portland is such a tenant friendly city, I’m wondering if there is a loop hole or if I can choose the occupied unit to move into in an effort to rent the other at market value?

We have not been successful reaching the previous owner, and even if we did - we don't believe he would be honest with us.  2 of the 3 units are occupied by a brother and sister.Ideally we would like to get them out.  

Even with bunk beds, there are limitations on how many guests are allowed to occupy a 1br unit.

How often will you occupy the property throughout the year?

For example, you could buy 100% vacant properties that need a ton of turn around or you could buy 90%+ occupied properties that need some value add work.

As far as 20% down, I am not sure but I believe this is more or less consistent with the US because I don't believe banks will normally lend on rental properties for less than 20% down unless they are owner occupied.

Here's what I find most interesting.Section 29-35-103(2)(b) of the ADU law says Colorado cities can NOT "require an ADU or any other dwelling on the same lot as an ADU, to be owner-occupied."

I also only lend on non-owner occupied properties.