There's definitely a lot of struggle around employment in many towns, but the area is also a getaway for city folks, so for me the vacation rental has been the best money maker.

There is a duplex that I would like to purchase however the owner will not go down on the price and insist its a money maker at the asking price of $115k.

I would look into getting a few estimates on the renovation/addition and see where the numbers actually come in and then move forward with decision making.You may find that it will be even more expensive than you anticipated, or right where you thought and you can make real decisions instead of hypotheticals.Estimates are almost always free so it can’t hurt to get real numbers.

I purchased it a few years ago and to make rent-ready I am invested at $44k ...

I am a young investor hoping to eventually make real estate my full-time career and would welcome any opportunity to learn about syndication and add value to your current business/portfolio any way I can.Thanks!

IMO this is driven by access to decision makers. 

Renovations took 2 full months and about 8 different sub-contractors including landscapers, painters, an electrician, wood floor re-finishers, granite installers, cabinet makers and carpet installers.

We DVR and watch Flip or Flop and enjoy it (odd how their projects always seem to turn into money makers....)I've bought @J Scott book on flipping houses, but in our small market the really killer opportunities are few and far between. 

As mentioned in previous posts, tenants will push your boundaries as far as you let them.I recommend that you make rent due on the 1st, with no grace period.

Here's what I gleaned as a summary of hardening tips for reducing turnover/maintenance costs:panasonic bath fans with timers in bathrooms4 coats of poly on wood floorsdouble door stopstile floors, showers vs surroundssingle lever shower valve vs. doublereplace toilets with steel parts/mechanicals whenever it starts to runKwikset smart keys (some debate over efficacy)door stoppers on all hingesremove pop-up drains and replace with commercial drains2' drain lines from sinks with an accessible clean outbuy a key cutter - maker for $50 on craigslistGranite tile counters - need a diamond polisher and tile sawUsed Fixed vs. friction shower rodsKeyed deadbolt and passage knob on outside doors to prevent accidental lockout5/8' fire core drywall - can't put a fist thru it and its fire-resistant1/4" board to back up towel rodspolyurethane cabinets under sink to pre seal and drain water to the floor2x4 base under cabinets to prevent particle board cabinets from failing where they meet the floorVinyl scrap under sink and up the back wallBest of luck!