At the conclusion of that effort, I'm only concerned about its value being somewhere reasonable close to the entire cost to obtain and renovate it.That said, in thinking about how to get to that outcome, it seems to me the idea of buying the note from its current holder would be an ideal solution, depending on two fundamental things.  

Once your credit is better between 1-2 years ideally then looks to refinance the property to buy out your partner.  

Whatever the outstanding equity is, you (ideally) use the rents from the Duplex/Triplex to pay the mortgage.

Ideally this will pay for most or all of the mortgage on that property so I can eliminate most of my housing expense compared to what I am paying now. 

Ideally... you would want a high income earner who isn't home much in say Lake Oswego, or West Linn, etc. vs. a 'buyer' in a slum zone in N.

Assurance and ease of closing increases confidence to pursue deals..10 days or less, ideal...

Again, I'm not familiar with the area so if there's a college town nearby or an up and coming town would be ideal.  

So... some investments, like ITC 3468 projects can have not ideal numbers before tax and great numbers after tax.

But so far so good, I'd say things have unfolded at about 80-90% of ideal expectations, which would be in line with my realistic expectations. 

Of course, ideally I'd like get any unit I can rented as fast as possible.