I have a 2BR on the front range in CO and half of the time it is just parents and few kids. 

I see it somewhat regular of people who got into a "deal" with HML, to do a Brrr and now it's half done reno and there desperately trying to sell it as-is to bail them out. 

In a text book case you'd buy a property for half of its ARV (after repair value) and then spend 25% of ARV on rehab and generate 25% equity.

That's exactly the strat for now, some more Airbnb's and a House Hack for the first half of the year but a House Hack DP in NJ is still 5x more than a DP on a SFH out of state in some markets.

More than half are under property management, the rest I do on my own.

Some companies also charge a leasing fee (around half to one month’s rent) for placing new tenants.

  $200/month divides into the $100K initial negative equals 500 months to recover the initial negative equity.Let's double the cash flow to $400/month.  250 months to recover the initial negative equity so over 20 years.Let's reduce the negative equity position to $50K (which likely is less realistic than expecting $400/month cash flow at that rent point), you are at over 10 years to recover the initial equity position.Now let's do it with all cash, no financing.The 50% rule state $900/month cash flow.  900 * 12/200K = $5.4% or about half of lifetime return of S&P 500, or what can almost be achieved with a zero work, zero risk CD.I see no way that someone who understands the numbers will call this a good investment.Note just because an investment is better than most other investments in a market does not imply something is a good investment. 

However, with the rates and conditions of any triplexes and fourplexes we could find (we did find one, but it's in the Pendleton Heights suburb of KCMO, so we were worried about it being too dangerous of an area), we were wondering if it's worth it to buy a duplex and rent out the other half to help pay the mortgage, or if it's more worthwhile to rent an apartment and try to save up to buy a residential or commercial MFH later?

Sell,  pay the taxes, and give them their $1,000 plus half the after tax profits?

I have used Waivo for 1-2 years and been happy with it.I think it's easiest to just get on the phone with them and let them pitch you so you can ask your questions.