the 3 family arv about 375.000 when finished with repairs of about 46.000 no money down he will hold mortgage wants 270.000 trying to figure if this is a good deal 

I would be buying it to hold and rent, sorry I left out!

When a tax exempt entity like a retirement plan engages in a trade or business on a regular or repeated basis, then UBIT applies.  

I don't like the idea of holding a 2nd if there's going to be a market correction, unless there's a lot of equity in the property.

I'm keeping the rental income liquid as emergency money until I get to a certain level, then I'll transfer it to investments - and I have some easily accessible cash to manage any big issues that come up with the property.My question is - I plan to buy two more similar duplexes next year and repeat the same process.

Not all true, the 2nd can still hold a lien against the property... 

Update: The reason the seller wanted to hold the info about the property manager is because they were concerned we were going to pull the plug on the deal.

My interest in this BP site is to learn and excel in RE investment, especially in flip and fix and buy and hold for investment properties.

I've been a buy and hold guy for about 10 years, all single family.

I am always on board with getting a property and doing the rehab,that way I know what is/isn't done I control the quality of materials and often opt for more durable materials that will hold up for multiple tenants.Based on your numbers it sounds like your looking at a 4/ 2br?