+I've researched something called an FHA Construction loan in terms of financing this project, but it seems that most large banks don't offer that product.

Listen to Wale Lawal above.You'll be getting offers and off-market deals from everyone and their sister.

You aren't required to offer a loan mod prior to foreclosure.

Telling sellers everything wrong with their house and justifying your offer with repair costs doesn’t build trust—it kills it.

The social side of Biggerpockets, like newsletters, blogs, and SM sites, is part of the problem.  

These properties also offer you the opportunity to perform cost segregations which help with those current taxes. 

Fortunately, all major capex are in great shape (roof: 5 years, AC: 3 years, siding: 6 years).I just wanted to say a big thank you to the BiggerPockets community! 

I feel like starting this now and being able to live in it for a year while I work, and then being able to rent out my side of the unit after I leave to go back for my last year of college.

It's not quite as easy as renting out two sides of a duplex, but with the right marketing and management you could rent out the extra unit to supplement the mortgage payment. 

Before making any decision, I would get a customized property evaluation by a local Realtor to determine the value of the property on both sides of the spectrum; sale OR rental.