I found a great one using the BP agent finder tool and another great one through local investor connections.

Based on your numbers, this seems to be a Section 8 duplex, is that correct?

I wouldn't worry about the square footage all that much because it's not always correct.

Make sure you are handling the security deposits correctly.

I think the greatest take away for me is to be Focused on what you want and Networking is your greatest tool (and my weakest skill). 

Next is use credit as a transactional tool.

I used tools like BiggerPockets to analyze deals weekly, and building a reliable team and networking with experienced investors helped me gain confidence.

In general, i think Stuart is correct.  

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

Correct me if I am wrong but I do not see no wrong doing in that.