We analyze a bi-gravity model based on the first order formalism, having as fundamental variables two tetrads but only one Lorentz connection. We show that on a large class of backgrounds its linearization agrees with general relativity. At the non-linear level, additional degrees of freedom appear, and we reveal the mechanism hiding them around the special backgrounds. We further argue that they do not contain a massive graviton, nor the Boulware-Deser ghost. The model thus propagates only one graviton, whereas the nature of the additional degrees of freedom remains to be investigated. We also present a foliation-preserving deformation of the model, which keeps all symmetries except time diffeomorphisms and has three degrees of freedom.Next, we perform the canonical analysis of the model at non-linear level, finding that additional degrees of freedom do appear. Specifically, the model has 8 physical degrees of freedom in total. This is deceivingly the same number as in old bi-gravity models containing a massless graviton (2 degrees of freedom), a massive graviton (5) and the scalar BD ghost (1), however in our case the behavior of the degrees of freedom and hence their interpretation are different. First of all, the 5+1 additional degrees of freedom of bi-gravity models show up at linear level around the doubly-flat background, whereas as stated above, in our model they are hidden around this particular background, as well as around a much larger class. 3 In addition, the origin of the additional modes is very different from the origin of the massive graviton in bi-gravity, and more similar to the additional modes discussed in [23]. Hence, we argue that there is no massive graviton in the spectrum. Furthermore, we also show that the spectrum is free from the BD ghost because both constraints removing it in the usual ghost-free bi-gravity are still present. These are the two desired features that we expected from our model. At the same time, the precise geometric nature of the additional degrees of freedom remains to be investigated.In the end of the paper we also consider a modification of our model obtained by imposing an additional constraint, which can also be viewed as a restriction of the original model to a particular sector of the phase space. The additional constraint introduces a preferred foliation and breaks time diffeomorphisms, but is consistent with all other symmetries and leads to a drastic reduction of degrees of freedom. We show that the modified model propagates only 3 degrees of freedom, similarly to various known examples of foliation-preserving modifications of GR [27,28,29].The organization of the paper is as follows. In the next section we present the model and discuss its general features. In section 3 we study its linearization, first around the doubly flat background and then around arbitrary conformally related tetrads. Next, in section 4 we explain the results of linearization from the analysis of the kinetic terms. In section 5 we provide the complete canonical analysis. A special a...