But the problem is over the same period that wages have doubled, home values or rent have almost 10x'd. 

Best of Luck, The 1 year doesn’t apply to when/if you are allowed to transfer title…that is the required occupancy period when buying with an owner occupied loan.  

I understand that the market is cyclical, I am just reluctant to jump in after seeing such large increases in home values over such a short period of time.

However, if the duplex is “two separate 1/2 duplexes” each on a separate parcel/tax ID number, then no you can’t buy both with fha, period.  

To make this happen, we non-renew the tenant according to state law (full month rental period) and then at the end of the month when the tenant becomes a hold over, we do a three-day notice and then we'll give them until the 11th to get out before we file.

Because a microscope has a useful life of more than one year, the $10,000 expense is not currently deductible under Section 174.The "useful life" of an asset is not its physical life, but rather the period during which it may reasonably be expected to be useful in your business.

One thing I have also noticed is the prices of the houses have obviously increased through the pandemic but my question is what is the time period for the rents to follow suit?

What kind of inspections did you get prior to closing/during the inspection period?

If you have owned this property for 6 months already then no 6 month waiting period will come into play.  

I am in Los Angeles with a lot of old/period homes with masonry or brick foundations.