Its better with a longer horizon.

Then, over time (5 year horizon) get my existing home in tip-top shape and sell it for a very pretty price.

That is EXACTLY my thoughts ... with one purchase and rehab on the horizon, if I sell this to buy two more, that's two more purchases and rehabs ...

Have your agents get the financials on the triplex for the past few years so you can understand the historical costs, get a thorough inspection to turn up hidden liabilities or repairs on the horizon.

All rents are up to date, I just want to be proactive about the situation, if a bigger problem is on the horizon, I would like to keep the damage to a minimum and neutralize the situation as fast as possible.Thanks in advance....Anthony Giaconia

With a six figure income I'd personally look for a multifamily property ideally 5-10 units (up to $600k) with value add that makes sense with a property manager.If he more of a passive real estate investor then I'd spmit the money over 4 to 5 real estate syndications in different markets.To be truly passive and not in real estate with a long time horizon total market index funds are the way to go.With a six figure income I'd hope he is investing significantly in a 401k so real estate is a good choice for these non retirement funds.

Competition is fierce on bigger deals and I'm sitting here with a long time horizon hoping to get into bigger deals but wont do it at the expense of tighter numbers.  

I need to be able to see mountains on the horizon so I can get my bearings.

I now have a couple duplexes under my belt, and am looking to expand my horizons.

You said you want to fix it and buy something else to live in, so make sure your time horizons match.