Investing in the market that you have knowledge of and the economic factors that support it is necessary. 

. $2,000 is about the going rate in my market.2.

Once you align on the goal, then you can talk about team-building, financing, and market strategies.And honestly, now is a great time to start building your team.

I would think their loan documents give them the right to control the property after the original owner dies - regardless of who is living there (although I have no direct knowledge of the laws where you live).There are details we don't know here... like if you want the house for sentimental reasons, or because you see the value between what it's worth on the market today and what the reverse mortgage company wants for it?  

I am currently in the market to purchase a tri-plex with the plan to live in one unit, make upgrades, and rent the other two out.

In my experience, tenants that remain in place for 5+ years are almost always behind market rates.

In my home market of Florida, our insurance rates have made it much harder to have positive cash flow on a CRE deal.

The rate might be .5% higher for the 30 year, but looking at it financially what if you took that $187/mo and invested it into the stock market at 7-9% returns? 

What markets are you thinking of investing in?

A triplex that cheap is hard to come by I'm curious as to which market you're investing in and the state of the property.