Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential.

It's the concept of buying the debt attached to the mortgage rather than buying the house. 

Would you buy a property where you have to give half the profits away for life? 

Quote from @Derek Wilke: Investment Info:Small multi-family (2-4 units) buy & hold investment.

At that time, few realized that you can buy and sell loans, so the software didn't exist.

I would advice buying right here in Central Oregon especially if you are a realtor. 

Our plan is to use the "Sneaky tactic" and for the next few years, the plan is to buy a house that needs a little TLC, fix it up as we live in it and move on to buy another house until were tired of doing it or reach a decent income.

I also live in Vacaville, I buy homes on terms throughout the bay area and Sacramento valley.

Every investor has a different approach, but I personally buy my rentals the same way I buy my flips..at a deep discount using hard/private money, then refinance with a rate-and-term loan to secure a lowest interest rate.Ultimately, it comes down to your goals, risk tolerance, and ability to find value-add opportunities.

You could force the seller to bring it up to code before the sale is complete as one of the contingencies of buying it, let them deal with it.