And for the sake of conservatism, let's guesstimate that the total expenses of the property (maintenance, water utility, property tax, insurance, management, and vacancy) will equal 50% of the monthly rent, or $250/month in expenses.So, thus far, we would be earning $250/month, or $3,000/year.

On the first duplex you may not make money but you can reduce your out of pocket monthly expense.

Respect us harder to earn then adoration. 

Plan on extra hold time or you may experience a reduced sale price.I would presume the condo complex has a pool?

It will also considerably reduce the value of the property to a homebuyer.

Many take a HELOC to reduce the amount of funds on hand.

Since we downsized, our fixed expenses are significantly reduced, we have the desire to move forward and either buy and hold or flip and sell.

You tend to get a better coordinated project,  understand cost to greater level sooner, better constructability, reduces the change orders from the contractor during construction to name a few.  

Get those CCs paid down, and you'll also potentially earn higher credit limits on those existing cards (a good rule of thumb is to keep your utilization lower than 30% of your limit which, if done consistently, can boost your credit score). 

A BRRRR deal usually reduces cash flow a bit so a plus to waiting is that you collect more in cash flow in the meantime.