I'd personally be a bit more conservative with the underwriting and make sure to see what the carrying costs could potential get to especially if this is a bigger renovation and not just cosmetic. 

How much renovation are you planning on doing?  

However, anyone with experience is very aware a duplex there is NOT valued at 170k, more like 130kisH renovated.

There has to be an account in the middle for repairs, renovations, etc. and you want to know how that will be disbursed and if you need a workflow between you.If you decide to do it, just start small with an asset that is as close to can't lose as possible so you can fine-tune your collective process.

hard money, renovation loan How did you add value to the deal?

I renovate 50+ houses/year through the BRRRR / Flip methods and also help dozens of agents do the same.

Renovation is 46k and is being done now and roughly 4 weeks from being done.

One tenant decided to move out, giving me the opportunity to renovate that entire unit for $15,000, which included furnishing it.

Buy a TLC or "ungly inventor" and use some of the cash to do some renovations before or after depending on if the properties were "Subject to" or would pass an appraisal and had high ARV potential for remodel or build out.

Strategic planning and phased upgrades are critical to balancing renovations with ongoing operations.