This is an essential tool for anyone buying a tenant-occupied property.

non owner occupied yes and higher value. you need an intermediary there are a lot of technicals 

They might be in a tight bind and be willing to sell the property below market value, and you can make your money in between.Vacant/Non-Owner Occupied: If a home is sitting vacant the owner may be willing to sell it quickly just to get rid of it.

Say I buy an occupied duplex, do I have to honor their current lease?

Buying an investment property (non owner occupied) will require at least 20% down and with median prices in the mid $400k range, you have a long way to go to save for your down payment.

If you have a loan, you may wish to look into due-on-transfer clauses, as well as whether turning it into a rental requires you to refinance to a non-owner-occupied loan/rate.If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

Our building is fully occupied and none of the current tenants want to be the onsite manager. 

But there will be vacancies where the owner would have to pay the mortgage until they get it occupied again.

After 45+ years in real estate, I have come to a conclusion about owner occupied properties.

Owner occupied?