I started my career buying and selling bare land I like it.. especially carrying paper its a easier form of cash flow compared to tenants..

You might want to see this:  https://hudsoncountyview.com/w...Indicates that it may be in late stages of a Ponzi scheme if they are really over prescribing their properties to investors.I'm barely into the accredited status and won't take that kind of risk.

I stopped listening to that book to search for the "Bare bones, I'm a dummy, what the he** are they talking about" version of how to begin to learn about REI.

I have got many things to say so bare with me.I would encourage you to close sooner and consider a Buy and Hold strategy along with wholesaling. 

He barely collected rent it seems and then often didn't.

I can barely get paint and carpet and cleaning done for these amounts.But I would think that even a pretty minimal rehab would be higher than what both estimated...and with the slim margins, I dont see a property worth buying here.

The property that I'm looking at is 1/2 duplex in an up and coming neighborhood and I have barely enough money saved up for a 4% down payment.

Personally I think the smart move will be to do the bare minimum to convert it to single family and sell the house in its current condition.  

Development has barely started on St.

You will go positive at $110,000....but barely...get the number down to $95-100k and then you've got a property....As you mentioned you're searching the MLS...many of the good deals there get picked over really fast...especially when the market it hot like it is now.