There aren't many triplex's in the area and I'm not sure how I would find out what it could be worth with more modern upgrades. 

Just the fact that you said 500k duplex, you most likely aren't going to be cash flowing once you move out.

We're seeing nice and stable returns year over year per SABORs numbers and at least in Central Texas we aren't showing any signs of slowing down.

Month-to-month agreements are typically better for the landlord since you can usually change the terms whenever you want with proper notice (often with as little as 30 days notice), increase the rent as much and as often as you want (again, often with as little as 30 days notice), and more easily sever ties with tenants who aren’t working out. 

Challenges, there is, will and always be challenges and I intend to meet them head on and have budgeted for such, lets just hope there aren't a lot of them!

My parents aren't real estate savvy and not open to lending the money - I was wondering where people find this kind of capital? 

If flips aren't your thing, think about getting a rental. 

. ;-) Here's why:The returns in Bremerton, Sequim, P.A. or Tacoma just aren't worth it.

Hard money lenders aren't amenable to other liens on the property and especially don't want to be in second position.

@Gerardo Gutierrez2 things that aren't being considered are the following since you said this was a rental.- If you're using a bank that sells to Fannie or Freddie the max LTV will be 75% for an SFR and 70% for a 2 to 4 unit.