I like to make sure I'm increasing my equity in everything I buy and make sure my properties cash flow around 30%.I have a lead on a triplex asking $135,000; a studio apartment, a one bd/1bath and a 2 bd/1bath.

We lived in Hawaii and took our 3 bedroom house turned it into studio vacation rentals.

Could this be made into a duplex, maybe rent as a hair studio or something, lease it out for storage, get a "roommate", turn it into a home office for tax deduction, or just rent it to a friend or family member for a cash deal?

Get a text book for agents off Amazon, older editions are fine as the basics haven't changed that much, you can find current requirement here and later on.

The seller was living in a 2 bedroom unit and their son was occupying the studio, and we planned to combine the two.  

Thanks for the heads up @Mike Carino, we heard from various people that a studio floor plan is tough for the area so we decided to pass on the opportunity. 

You can buy it on Amazon.

While I have some "units" that rent for $15-20k (commercial), and some 'hip area' $1000/month studios, the bulk of my holdings is blue collar hard working Hispanic submarkets with a lot of $600/month type stuff.I'll need another 500 units likely.  

A comprehensive spreadsheet of the specific materials you would use in your rehab is the way to go.Home Depot has a canadian version.http://www.homedepot.ca/for specialty items amazon has alot.http://www.amazon.caYou can also speak with private suppliers in your area.

The main house, and a bunch of 1/1s and studio on the other structures.and I am guessing these "main houses" wouldn't appeal to typical SFR tenants, unless you make the rent low enough.