Could I, for example, purchase a policy on a duplex I plan to build for like 150k?

@Paul Martinez I personally think that starting with a house hack is a great way to go as you will learn a lot during the process and there is minimal risk (If you run your numbers correctly of course).I looked on prices in your area so i can give this example: if you can put 3.5% down (FHA loan) and get a duplex for 500K and the rent covers 85% of your expenses (PITI) you already cut your monthly expenses by not paying over 2K a month in rent so you can save money in a higher rate while getting equity as the mortgage is getting paid. 

Example if avg wage is 20% higher in provo. (93/2)*1.2= 55.8 add other half sqft 55.8+46.5= 102.3 sqft .Very easy to go higher.Land Cost not included.

The FHA says that examples of such problems include but are not limited to the following: Missing handrailsCracked or damaged exit doors that are otherwise operableCracked window glassDefective paint surfaces in homes constructed post-1978 (because of lead paint hazards)Minor plumbing leaks (such as dripping faucets)Defective floor finishes or coverings (worn through the finish, badly soiled carpeting)Evidence of previous (non-active) wood-destroying insect/organism damage where there is no evidence of unrepaired structural damageRotten or worn-out counter topsDamaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978Poor workmanshipTrip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)Crawl spaces with debris and trashLack of an all-weather driveway surface=================There are many areas, however, where the FHA does require problems to be remedied in order for the sale to close.Electrical and Heating The electrical box should not have any frayed or exposed wires.All habitable rooms must have a functioning heat source (except in a few select cities with mild winters).Roofs and Attics The roofing must keep moisture out.The roofing must be expected to last for at least two more years.The appraiser must inspect the attic for evidence of possible roof problems.The roof cannot have more than three layers of roofing.If the inspection reveals the need for roof repairs and the roof already has three or more layers of roofing, the FHA requires a new roof.Water HeatersThe water heater must meet local building codes and must convey with the property.Hazards and NuisancesA number of conditions fall under this category.

Example a 5% interest rate and a 7% cap rate is a 200 basis point spread.The article mentions general office which I do not like as an investment class anyways.

I buy a decent amount of fresh to the market in demand properties so I need to know how much I can offer to beat out competing offers

Example if you have to track down the estate and spend endless months to get an increase in value of say 30k is it worth it to you?

Using your example if we got stuck with 30K in and we had $1000 cash flow every month.  

The exact example, could I set up an LLC, get a credit card in the name of the LLC, and purchase the BiggerPockets Pro Membership with that card and write it off as a business expense?

That is what my example above did for you.