And they both look promising for me.It also looks like it is maybe a year or perhaps even two away so I will look into expanding my portfolio the classic way first.

Rich Dad Poor Dad is a classic, you should definitely read it

We have been through two duplex transactions both with existing tenants.nice to have the immediate cash flow, but that comes at a price.One was the classic biker gang, unregistered trucks in the yard, difficult tenant situation.This was a great learning experience, but it took us several months to clean up and upgrade the place and the tenants.

@Joe "This is very difficult to achieve with properties that are listed on the market as Tim mentioned because of the high closing costs here for real estate agent fees, etc" - because you are looking for rental candidates (not selling the property), the classic official fee would be 2 months rent (not terrible, compared to other markets) and can be squeezed down as well...

We show them both the classic (non-renovated) units and a premium unit.

Fortunately, I have realized my mistake and am now getting in the game.My first purchase was not necessarily a great deal as I later found after reading some of Brandon Turner's books and of course the classic Rich Dad Poor Dad.  

In a second scenario, can you compare once again in respect to Class B investors (upside investor), the same deal that offers either the classic one class LP investment class vs the two tiered class A/B LP investor class assuming say a 10% Pref class A (no upside)  7% class B (Upside potential) in the split deal vs straight 8% pref for all LP's in the classic deal. 

These type of deals are similar to the "quick car flips" you see on the Counting Cars show in which the guy finds classic cars that are filthy or need minor work and buy them from people who don't actually know what they're worth.

After working for 25 years restoring classic cars, decided to do something a lot easier.

@Brandon RibeiroIt sounds like you are halfway into a classic trap.