In any other circumstance I wouldn't have even been able to afford this project, but like I said I couldn't pass it up.

It is a good plan under the financial circumstances (assuming your cash reserves meet the 3.5).

The key is that 2 year work history that you'll need to establish.In certain circumstances you can use the income before you even receive your first paystub (certain relocation and job change scenarios), however typically you'll need to receive atleast 1 paystub to use it.If you have had no work within the last 12 months preceeding this new job then you may need to be on this job for a min of 6 months before you can close on this new loan which would hamper your plans to close within 45 days on this duplex.Then again scenario #3 if you have the credit and the down payment and the property cash flows from conventional underwriting perspective and you have "no credit card debts," on your credit report then you may be able to qualify any way since your debt to income or DTI will be 0% (property cash flows) no debt outstanding to qualify for as the duplex will be adding income to your scenario.I've had an underwriter okay scenario #3 above but have never funded a deal like.

EVERYTHING needs replacing, because of years of neglect!

I like to be as much involved as I can given the circumstances and that is what differences me from other investors this person is used to work with.

In the circumstance you described I believe you stated the second party was originally on the title but not on mortgage later removed then reinstated, which I'm not certain would constitute unjust enrichment, but I'm certain a legal professional would clarify that for you....

I know everyone starts out under different circumstances and compared to a lot of success stories I'm in a great position to start off.

You can't afford this under any circumstances that do not include speculation on rental income and future appreciation of your departing residence.  

And if you screen them yourself, do not neglect the important step of conducting a thorough rental history - not only evictions but look for a history of late pays and screen for three day notices issued by previous landlords. 

In my circumstance, I am not living there, rather renting it out.