So during the option period and i am collecting rents from both units, I'm pretty much a landlord because utilities will have to stay in my name because the duplex has one electrical service and heating boiler.  

Know who to call check on utilities sewer etc. 

It is pretty routine in this area to arrange for utilities to transfer to the owner when they are shut off by the tenant, especially in the winter.

About me: 27/M, DFW area TX,Salary ~ 50k gross Rent + Utilities ~ 25% of salary (shared house).Car ~ 10% of salary (9k owed and 3 years left).Credit cards are usually paid off or Utilized below 6%Credit score above 750.6 month emergency fund.

Looks like utilities are not split so owner would have to pay.

I lean toward the idea of never paying more than 50% equity into something if I can utilize than money somewhere else. 

An under-utilized approach to REI...two off the top of my head are ZER and XER, though have also been watching REI.UN, which offers ~6% return just from dividends alone.

Add your material costs and labor for the parts you can do.

Also, in FL at least they give more room for units where you pay the utilities.

Make phone calls to contractors, talk to others, go watch a job, hang out at home depot, learn material costs. do the legwork.