Some folks have already given good advice, and I want to add a quick tip for how to get data on potential STR properties.

Make sure the tenants are paying market rent or above, otherwise your loan will be DSCR constrained.

@Cole Starin sometimes it makes sense to sell the WORST property in your portfolio.Another option is why do a LOC on the duplex, when you could just do a $100k cashout refi to pay off all your debt AND keep the property?

I also have a mortgage on this property paying $683 a month.Now I'm deciding should I continue waiting for a possible tenant or should I just sell the property.

I know you want to go full time and jump in, but I'd recommend staying with your day job as long as you can - it makes your life a lot more comfortable to have a steady stream of income to pay the bills every month!

Combined that can cost $50k+ which they may not want to pay nor their is the possibility they would not they pass the DD report.Nothing wrong with raising money in this fashion (FB or online ads), many do it and are great sponsors. 

Not really sure how to go about financing but we're planning on having a down payment at or slightly above $100,000 and don't want to pay more than $3100ish per month. 

The flipper pays 12.5% interest to the lender, and I receive 10% of that.

If you pay a lot you get the cover and bifold..

Lots of folks are pulling out cash based on the appraised value for their next projects and holding for a few years to benefit from appreciation.