One unit is occupied and the other is vacant which is perfect.

This law allows splits up to 4 units, but also requires the owner to occupy for 3 years.

If you haven't transitioned into an LLC I would suggest you do so and also start looking for commercial lending as moving past a 4 plex most lenders wont look at owner occupied options.

Rehabbing the occupied building, finding available sub contractors.

Most of the current listings in my area are four-plexes that are fully occupied, usually listing for $320k-$390k with rent being from $600-$1100 depending on the quality of the apt and the location.

I picked up a duplex that's currently occupied Sept 1st and I'm currently closing on a vacant unit.

I'm trying to buy a owner-occupied commercial property for $345,000, and the bank will only approve us buying $300,000. 

@Mantas Motekaitis a HELOC can be tough to get sometimes on a non-owner occupied.

Good mix of rental and owner occupied.

Keep your money in the bank and stay cash fluid while rates are actually getting better on investment Non-Owner Occupied rentals and second homes.