I am surprised a tenant would accept as low as $200 to leave a unitI never do cash for keys.

Human psychology is smaller, more often increases are more acceptable than one big increase even though the opposite is true mathematically. 

Overall I would treat this investment as a high risk gamble and willing to accept loss if it failed but It's also a very interesting process to understand how the industry works.

You could borrow a second against the $400k of equity in your property - and accept short term negative cash flow to earn a lot more on the great deal you don't want to pass up.  

If zoning tells you that it's accepted non-conforming triplex, then go with that.

When you finish college in 4 years you'll still be in a large pool of people with Real Estate/Finance degree.

Just needed to blow some steam off in the group.All 7 of my accepted offers have fallen apart at the inspection phase.Each time we find an expensive problem in the inspection and the seller is not willing to make concessions.$3K spent on inspections with no house to my name yet. 

My tenant just let me know they accepted a new job in another town and will therefore be leaving us. 

How about they BOTH SUCK, just in different ways and different degrees.

Not sure is seller will accept an offer with these contingencies as it will cost time on the market if the contingencies are exercised.