Ideally 10-15 minutes from the Mayport Naval Base. 20 minutes would be acceptable too.

If you don't have a lien on the house (ideally in 1st position), you have no security for your investment.  

The ceilings are the old popcorn..so I've tried to preserve what's there and get rid of the older stuff and blend in over time...would be ideal to take all down with no tenant.

Naturally we have a float, but not an ideal situation.  

I deal with the President at one bank and the Vice-President at another.

The cap rate on seller's asking price is very low and even leveraged IRR is not ideal, assuming you will pursue the deal as buy & hold.

Not ideal, but its how services can keep prices down and adapt in a high competition market.

I have a contract on my home in Maryland and want to take this opportunity to purchase a duplex in the Vancouver / Portland  area (ideally by midsummer at the latest).

It would be ideal to get 4 units for 500k or less (of course, I would be looking to maximize rent relative to purchase price) but I am really just looking to learn about what's out there.I don't know the surrounding area very well and am wondering where you all would suggest looking.

Yes, you *can* buy within a corporation, but from a tax standpoint, this is not the ideal situation.In a regular C-Corporation, all income is taxed at a corporate rate that is generally much higher than an individual rate.