Everyone is always trying to find where their advantage is, and I think you have yours with your experience, day job and family connections.

I want to know what your experience has been as far as these smaller lots being exempted from current code minimums.

This will be my first landlording experience, but after I meet with my architect I should have a better idea of how much space will be available for parking. 

By making 2 payments a month, you're effectively paying an extra month of payment every year. 52/4 = 13, vs. 12 monthly payments (one for each month). 2 - if I'm in your shoes I would wait a few months for the dust to settle. you may not know it now, but there will be random things that pop up here and there with owning real estate that you won't get to experience until you've lived in it for a while.

In theory you could also recover 1/6th of the CAM costs, too, but in my very limited experience with mixed use, the first floor commercial could very well push back on that, since they very well may not be utilizing almost any of the common area, depending on building layout.CAM would come from any number of places, commonly:Cleaning and utilities for any common lobby.Window cleaning for the buildingParking lot maintenanceLandscapingCommon HVAC maintenance, i.e. if a single furnace heats multiple spacesUltimately, you will want to be talking with either a commercial leasing agent or an attorney that specializes on commercial leases.One thing to note, while NNN leases are generally great, there is certainly work for you on a semi consistent basis, in creating the monthly escrow amounts and annual reconciliation.  

While duplexes seem like a great starting point, I'm also open to considering fourplexes for potential increased return.Here's my situation:Investment capital: $200,000Risk tolerance: Moderate (willing to leverage, but strategically)Experience: New investor, but I've been devouring BiggerPockets books for the past 2 years!

Some counties and states do not publish criminal information so you have to go to every county to search.If there are any red flags, I will conduct a Google search of the individual's name and the city/state they've lived in according to their application and their credit report.

In my experience with distressed tenants, their housing costs are always their first priority, and one in which they have the most pride in maintaining.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Secondly, you're putting at least a little bit of pressure on them that you know, or think you know, what the price should be, and that has to sway them a little bit in my opinion.In my experience, appraisers are always low.