This, combined with tax advantages is a pretty decent return on investment even if our cashflow is strictly breaking even.Furthermore, it can be assumed that if inflation is 3%, that annual rent rates will also rise at roughly 3% per year. 

I won’t ever do section 8 again because of the strict guidelines.

When I had a master metered park we had strict restrictions on what kind of appliances you could have etc.

We will be strictly using his HELOC to do flips.

@Mike Cumbie strictly going to rent it out.

It depends upon the character of the tenant.Here’s what I’ve learned over 40 years as a landlord.They must have a steady job.You must strictly limit the number of occupants.

My question to more experienced investors is, given all that, is it worth looking into buying a place strictly as an investment (either locally or long-distance)?

If I was selling a duplex that I expected to sell in 2-3 months max I would leave one side vacant in hopes of selling to an owner occupied buyer, or at least to make my buyer pool as large as possible, hoping to get more out the sale than selling strictly to an investor, who is the only type of person who would buy a duplex where both units are occupied. 

OREO like auction dot com etc nope these wont work.. this is strictly for private sellers or small companies like myself.. if you present me with one I will understand and use it.. but big Auction companies just want highest and best from what we have seen.

It certainly could rule out VA/FHA based on their strict criteria.