I would like to buy and hold and looking in 100-150k range.

This is known as the self-sufficiency rule.

If you're really looking to just place the capital and have nothing to do with the decisions or operations, you're really describing more of a RE hedge fund or other professionally run fund that targets a certain geography and strategy.I know of one local to me - minimums are in the low $100k's range with minimum 1y commit and bonus payouts for larger amounts and longer commits.

Buy the best you can afford do not get sucked into the highest returns those are generally the most risky and the returns are only on paper you never actually realize them.. buy a nice home at the top of the range not the bottom and you will be much better off... property management will make or break the investment so make sure you good with that.

Don't think it can't happen.With long-term rates for residential investment properties in the 5 to 6% range right now, it would be much safer to lock these in immediately than wait and hope to get them anyway when you refinance.

Prices in our area range from $900-1400.

If you don't understand something, bigger companies have enough man power to answer the question and when you get the info you need you can come back to less expensive contractors and negotiate with them, if they are within the range.

When I look online I see nearby duplexes that have sold at a price that would substantiate my value in the $180k-$200k range. 

My 20% Ownership of Annual Receivables:  $4,800 to $6240Additionally, I would receive 20% of the property value (minus land)  (which would vary depending on CAP rate but in the range of ~$100K to $117K. 

I would guess he is expecting something around the $470K range?