Right now I am considering buying my first investmemt (buy and hold) to gain some experience.

Gain knowledge.

Sell the condo, take the capital gains hit, and move into the duplex.2.

That's like a 10% return with no long term gains, tax benefits, etc.

BACKGROUNDMy partner has all the capital for the upfront costs to purchase a single family, but doesn't have a great job or credit score to gain a nice mortgage.

Once you have cash built up where you can go take down multis, then dedicate some time to that.The off market properties today you are looking to list....gain experience one what investors are willing to pay, what rents they want, what trades they use.

Go through pictures and gain a general idea of what the price per sq ft is in your area. 

Another consideration is that if you sold it now, or within 3 years of moving out, you are exempt from cap gains through the Section 121 exclusion....after 3 years you are paying full cap gains tax.

Boy if this projected return IS inclusive of the gains upon sale (and I did ask the sponsor that question promptly by email), then we are talking about some very notable and disappointing cap rate compression, huh?!

.Live in it for 2 years to be able to take advantage of a tax-free gain.