For example, I will send a tenant the lease renewal options and give them one week to respond.

You have options!

Your best and most efficient option would be a DSCR cashout refinance, more than likely.

Also, explore creative financing options that might balance your partner’s limited credit/cash flow without putting all the risk on you.If you're attorney can't clearly articulate this, maybe it's time to find a new one.

Like Jay said, there can be more flexibility in repayment options. 

Another option would be to sell, reinvest into a house hack and use the excess on a deal.

And countless other options.

Durham on the other hand is a great opportunity for investors seeking more short-term growth, more options, and higher likelihood of cashflow. 

If you can buy with 20 percent an hour away, as you said, that seems like the best option if the finances and numbers work for you.

Using a HELOC for the down payment on the second home might be an option, but lenders may require you to wait a few months post-closing on the multi-family before approving new loans.The BRRRR-style approach could work if you can renovate and refinance quickly, but make sure the timeline aligns with your lender’s requirements.