Provided that both markets are appreciating at the same pace I would rather own one $600,000 duplex then three $200,000 ones.

I had five rentals up for clients in the past few months, and only three got rented.

Live there for three years and move and buy again.

Also she is working with us with city ordinances to  see if down the road we can change it from a LTR to a STR.last two- three years my wife and I have been property managing it from across the country using handymen as our boots on the ground and I remodeled the house with contractors inbetween tenants .

We have an owner who, against our advice, recently installed a thermostat that only they can adjust, and from three states away. 

I don’t think a three year historical lookback is sufficient.Unless the market fundamentally changed, I would just sit tight.

Do I draft the contract price for higher than the actual build price that would include our estimated profit (sell price) or would a separate agreement between the lot owner be sufficient enough that outlines the deal since we don't know the actual sell price until it goes to market?

Three small units (1 bdr/studio) and one larger apartment (3 bdr).

However, I’m wondering if I need to engage an Attorney a borrower has missed a payment and it’s time to send a Notice of Default.Must the Notice of Default (NoD) be a letter sent certified mail or would an email sent to the borrower notifying them of non-payment be considered sufficient as a Notice of Default.

Yeah, insurance is likely more than sufficient for most investors.