Joe,I agree in large part but I think it is a matter of style of management, I do not think everyone is as far apart as it might seem. 

That looks like it was built in the 70's not sure what architectural style it would be, may be a modern or contremporary.

I look for similar style houses that appear to be well decorated as far as shutters, awnings, color schemes, etc and copy one that I like that still fits the neighborhood!

Of course in most areas there is always a theme of houses meaning in ATL you don't see a lot of Arizona type of houses with Stucco or Texas style with stone so each area does have its own style that you will want to stay with. 

I was living in style in that triplex while the other two tenants paid my mortgage, saving money like crazy until I got married, had kids and began to burst at the seams from that "cozy" apartment. 

Also I don't know your friend but I would still do due diligence (past performances, style of rehab, quality of rehab, etc.) on him and his work.

Bring me one or two pics that indicate what the exterior looks like (style, condition and curb appeal) and then one or two pics to indicate the condition of the interior

Without being inside but knowing the area, style, and likely major repairs, this looks like a 35K house with a 55K mortgage.Any words of wisdom?

Email me the properties you are thinking about just so I can get a better sense of the home styles and configurations.  

That's more their style.