Sale price : $210k (Duplex built in 2005 and 2 open lots  of 6000 sqft next to the Duplex)Repairs : $15,000 (Foundation issues, replace carpet with tiles, kitchen upgrades etc)Rents : $2000/month (each duplex unit rents for $1000/month) : $24000/year.

It sounds to me like you think he has no ethical conscious because he didn't take RE training and become licensed, like you did.

Will this house need electricl up grading?  

Here are a few parts:Sam thinks the future is in high rise versus low rise, changing the company and upgrading his portfolio.

That is not too far from my rental I have there in Tulsa (about a 10 minute walk) but definitely much better upgrades. 

No upgrades, just the basic... a floor, walls, roof and a functioning toilet. 

His plan is to live in it for 2 years, make some upgrades, then sell for a profit. 

Would you be able to increase rent with some minor upgrades and/or through rent renewals?

Purchased for 200k, added about 40k in upgrades and it now appraises for $475k and is fully rented.

Situated on lake with a 1/2 acre.Scope of Work will consist of cosmetic improvements to include the following: painting of interior/exterior, power washing, cutting of lake grass, upgrading bathrooms, new kitchen appliances as the kitchen cabinets are in great condition, upgrading of electrical outlets, installing of new lighting fixtures, cleaning of tile flooring and etc.