I wanted to know if anyone in that area know if tenants would prefer electric or gas stove Thanks, in advance!

So to determine if it is worth your time, look at the price difference between duplex and triplex sales in that area, preferably within the last 90 days.You will have to pull permits to convert it to a triplex, but it can be done.

Your family can move into one of the units once one becomes available - or if they prefer an apartment Good luck!

I prefer if you are going to significantly raise rents that the tenants are getting something in return.  

Ask title company for a list of high-equity, absentee-owner properties, preferably older homes.Contact pre-foreclosure homeowners either from Zillow or other sourcesTry to find homeowners with 2+ years of delinquent taxes before it goes to auction.   

If you have a preferred insurer, USAA, for example, you may want to check with them before making an offer. 

He preferred cash and a handshake.

Coming in with the capital you hold majority leverage, but having them find the needed workers (preferably contractors he currently works with) is going to be extremely time consuming. 

I much prefer being able to sit and listen to experienced investors talk and things I have read start to make sense when I hear how folks such as yourself have utilized these things.

Phillip,Have you thought about structuring the deal as a partnership where your investors will receive a preferred return along with a share of the equity?