In the other case it left a great deal on the table. 

Here is my approach to finding an area:I search by zip code and filter for zip codes where the population grew and the unemployment rate declined in the past 5 years.For the left-over zip codes, I look for low price-to-rent ratios.

Interestingly you left out what cash flow you are bringing in.

Is there anything left over?

@Bob Woelfel I think I left out the big idea: we will live in the other half of the duplex!!!

Over the last few years I’ve had a little additional cash left over that I used to purchase low cost index funds, following a similar approach that you read about on the white cost investor or on the bogleheads forum.

I think I see the difference and how the %70 rule works, finally . if i buy the property for %70 of the ARV - the rehab that would be the purchase price and the profit is in whats left minus the taxes  %30..  

My annual contributions were excluded originally from my taxable income on my Federal return, but taxed on my California return because that state has not aligned its HSA taxation with the Federal tax code (as of 2015).

It doesn't sound like the sponsors interest is aligned with your interests.

You would them be left with no one that qualifies.