Make sure the cash flow estimates reflects the 50% rule (probably 60% allocated to expenses other than debt service would be safer for the pro-forma in the low rent units).For the low rent OOS markets, 50% rule is not a large enough percent.  

If you wanted to buy a duplex for $400K then you could allocate 50% of that to investment and the 1031. 

My hopes are that I will land a job post school making roughly 40000-45000 annually and I am also planning to live at home for two years to allocate more money towards investments.

I have anywhere between 5-10% allocated at any given time. 

You'll have to allocate mortgage, real estate taxes, maintenance and other expenses to each unit, and in my case, based on square footage, or simply 50/50 if the units are the same size.If it's too confusing, have a CPA to get you started, such as setting up depreciation.

The numbersThe seller wanted to net one price for both properties that I could allocate however I chose. 

Most private money/hard money lenders have money they can allocate as 2nds.

You can literally structure it any way you want as far as profit and loss allocations go, (ie if one couple is doing all the work, the other is cash only, but is a 50/50 cash split, the working couple may want to be allocated something extra) just make sure your CPA understands and executes your allocations at tax time.

We've allocated money to run some online ads and signs in our community.

CAPx reserves which is the moneys allocated to CAPx monthly do affect NOI and is an operating cost and there is a factor in overall calculations of DSCR