I suppose you can take a similar approach, this is not an exact science. 

Renting your personal dwelling while owning and renting other houses, duplexes or apartments is a reasonable approach, and...Perhaps patience is a decent idea for you in this situation, because you may come out way further ahead if you wait to buy until July.

@Jan Styrczula thanks to all the info that I got from all of you, I approached him and talked to him.

He approached partner 2, a eager to learn newbie, to invest in a potential out of state flip with him.

Hey BP family, currently have a lead that’s wanting to do a package deal..never done this before, however is there a different approach on determining what to offer?

Not sure how to approach this.

Anyway, I'm just interested in how you would approach, or have approached, the above scenario.Thanks!

I wanted to get concrete as to what numbers I'm going to consider in my newest market, where small buy-and-hold MF are currently selling at around the 1% rule (a $200,000 duplex gets around $2000 in monthly rental income - these numbers have remained consistent over the past 18 months ever since I first studied this market).1% doesn't excite me much and I decided I'll buy starting at around 1.5% (they currently have some small duplexes approaching this number but they're small and aged) - I want a larger MF or at the very least a newer build duplex with more SQ.FT. so I'm getting good rent while minimizing expenses. 

Some data supports that my parent's generation (the baby boomers) are STAYING PUT as that generation is approaching retirement age.

If this is an investment property, it sounds like you're already approaching a high leverage point if it's worth $700k and you already owe $500k.