Just want to start setting up as if it were. so far i have thought about creating 7 accounts.1) all rental income account 2) account where common utilities and mortgage will be billed3)maintence/capex expenses4)vacancy expense5)management expense (to put the units up for rent)6) property taxes 7)cashflow am i missing anything? 

Water issues are the most common. 

In real estate, blunt honesty often protects people from common pitfalls or predatory advice that oversimplifies the challenges of investing.

But these are the numbers I came up with when looking at 40K to 80K scenario.

IE its common in so many areas that the 500k home in Wis sits on a 75k or 100k lot and 300 to 400k is the cost to construct say at 150 to 200 a foot..

In that scenario, yes!

Where I live mice are common as the cold weather drives them inside.

Keep in mind, there are scenarios where you can use creative financing or OPM to get that duplex in the future.

Everything you said is common knowledge.

I think there is a common misunderstanding that licensed contractors cost more.