Sometimes investors think a duplex is more valuable based on the income it generates. 

I noticed many jurisdictions are requiring that the operator/owner occupy the property for a certain amount of time per year among other overzealous regulations.

Or, time spent operating a umbrella business for my art/studio sharing that would qualify for a 51% owner occupancy loan? 

When you create an operating agreement there are some limits to what you can do but you could allocate him all depreciation in any given year and it would hold up as long as your agreements met the substantial economic effect rules. 

Now I'm a business operations engineer for a local pharmaceutical and chemicals company. 

But, I hesitate to use up what we have now on acquiring rentals and not have any left to acquire more or do the occasional flip for capital.So what we were thinking is to reverse that and try to get in on a couple of flip deals first to build up some more operating capital and then start buying rentals with the occasional flip along the way.

This would require you to find a partner who is willing to bring $135k to the table and use his credit and you would operate/manage the property. 

Or just continue paying for our rented apartment while we put that 90K into real estate that can generate income (then later potentially buy a home)?

No deal is too big for a master lease options operator.

Best policy is to always operate under normal landlord tennat lease agreements....no advance payment bribes.