We have been fortunate to have a few tenants re-up their 1-year leases multiple times so have only have the dreaded 3-4 month vacancy twice the whole time renting it but it's always a possibility.  

Sometimes when I'm starting with a distressed property I may gut a kitchen or bathroom but even that isn't the norm.

We would also need to gut out the kitchen and both baths and have them completely redone.

Here is what I've learned following interest rates for a long time...If you listen carefully to the experts, they are wrong 50% of the time.  Rates

I plan on building a duplex (so 2 kitchens and 2 living rooms).

As a good case study I  acquired an 11 unit mix-use building in May where I vacated 9 apartment units and will complete kitchen/bath renovations and build out one vacant commercial space.

I would not be afraid to buy a property that needs some rehab, as I have renovated two full kitchens by myself, and done lots of rehab with my Dad and cousin, so I have a good understand of what needs to be done. 

Yes, i'm licensed, but i don't work as an agent in any capacity; there's no experience on my end other than a piece of paper that says i'm allowed. this is a disservice to a buyer as well, may of whom are first timers and could benefit from all the support they can get. 

Long time real estate dreamer.

Sure, you don't want to work with the part timers or the ones that are truly bad (there are many) but some are in the bottom 90% because they are not good at promoting themselves, yet they are very good agents.