Hi Jay --   I understand the concern as I felt the same way initially. 

The lender will not let you buy the property if there is no ability to occupy it within 60 days. 

The area you're looking in does not draw the same kind of rent though.  

The same goes for Seattle (-5.9%), Portland (-3.8%), Denver (-3.6%), Phoenix (-3.6%), Dallas (-1.9%) and Las Vegas (-1.1%).S&P CoreLogic Case-Shiller National Home Price IndexS&P CoreLogic Case-Shiller San Francisco Home Price IndexAnd there are some cities where prices are falling today.

If I may ask how do you manage these properties day to day and between guests?

This would be a hospice home designed to provide more comfortable living in last few days/weeks of life. 

Is what I signed reversable using the 3 day recind law? 

Time is money, sure, anyone can close in 14 days -- and pay for it for years to come.

I am stronging considering buying a tri-plex in the same city I live with my wife and kids. 

The last thing you want to do is have a long work day and then have to spend some hours on your rental properties.Hopefully you make good money given your credentials, position and the firm you work for.I would try to make your real estate as passive as possible.Try to find a third-party firm that can do as much as possible for you.Maybe you can find the property and they can do everything else from managing the rehab, finding a tenant and managing the tenant.Best of luck.