Primarily, my work has been in small commercial retail buildings (new construction and tenant improvements) with some work in single and multi family projects. 

I have one building with decorative fireplaces and we capped those so they can't use them.

Hello @Anthony DiSanzo,I’ve lived in Memphis my whole life and have been helping investors like you build solid rental portfolios here for over 20 years.

I have about $400K to deploy, but would prefer to buy several duplexes rather than 1 more expensive building.

You have your exceptions, but that's what I've seen after talking to thousands of people and helping hundreds build their porfolios. 

Sounds like its time to sell since the HOA fee just doubled which usually means the HOA has not been managed properly and failed to build a strong reserve account.

@Rafael Ro to build on the great advice from @Sean Barnebey (give the guy some votes!)

This could create a disdain for flipping properties and not continuing on the path..The other option could be wholesaling it to start a path to build a war chest to go out and do the first flip with your own money down. 

If you want to be completely self-sufficient, you're willing to build an Earthbag home or another building that can be earthquake proofed but can still be run without public utilities, you can spend a ton of money on a well and can have that well water processed to remove contaminated mine crap, you have a great off-road vehicle and you can figure out how to deal with the flooding without redirecting that water onto someone else's land then you can definitely live there.If it's an Investment you're after, give that up.

Starting with land can help build funds for bigger opportunities, but multifamily is a solid path if your goal is long-term cash flow and financial independence.Good luck!