Honestly, even from my perspective, I'm amazed the HOA allows laminate flooring to begin with.I've looked into ways of soundproofing, or significantly mitigating noise transmission from my condo, and from what I've heard, even the most dense, best impact absorbing underlayment for laminate flooring won't do much in a poorly built building.

California building code has a minimum standard for noise transfer between floors which is at least 50 STC (sound transmission like voices, tv, etc) and at least 50 IIC (impact noise, people walking or jumping). 

The duplex is fully occupied which seems like a fluid transaction for me as I'll be taking the handoff from the owner. the current owner would like to retire from land lording and wants to get rid of it.

I have a general idea of how I would like to share these lessons I have learned but this will be a fluid thread that will change with comments and advice.

Why get brake fluid all over yourself and your garage when you can pay a small fee for someone else who is probably more capable and better suited for the job to do it for you?

There are still 2 55 gallon drums with some combination of oil and other fluids. 

It's already been noted, but...I'm seeing $0.00 down for property management and that you plan on doing that yourself.So, if everything goes well... you've bought a second job.On the other hand, if your wildest dreams come true and you own the entire neighborhood by this time next year, you need to hire a property manager to handle your two dozen units at 10% each.... and this one is netting -$5 a month.Or something goes horribly wrong, (Illness/Injury/Drafted into a secret army to fight vampires).You can't defend America's precious bodily fluids and manage property effectively.

If nothing works you could use black light and illuminate the bodily fluids on the floor and use lots and lots and lots of baking soda.

Yes , I would agree that it signifies folks who can not save for a home down payment, making renters, but on the other hand- transmission goes on vehicle, medical bill and untold other daily happenings makes for late or no rent. yes/no.

I feel that the probabilities are more fluid than what you have stated.Most investors want at least a few face-to-face meetings before they will part with their funds.