:)If you haven't already, check out The Book On Flipping HousesIt will definitely shed light on the process from start to finish.

Here is a post I put out a few days ago to shed some light on the situation in Canada.  

Provide complete electrical plans including one line diagram with all conduit and conductor sizes with insulation types, total load with calculations, Panel schedule with arc fault, grounding, all outlets and lighting with circuitry, light fixture schedule, also show electrical panel location in the apartment.Plumbing Dept.1.

The walls will be a pottery-barn-ish light beige, whereas the ceilings will be white.I may revisit that color pattern to save time, though!

Bennett, The Light in the Heart

Or in other words, you need better deals - you need to get a house at a very good price, probably 50% of ARV (which I don't know how you can do it in current market, maybe in your area is possible) and in fairly good shape (if it's priced 50% ARV because it's a wreck, you don't want to it, it's going to be a money pit for you).Which means you need a light rehab as your first deal, something cosmetic (paint & flooring).

The home is listed as a duplex though so I don’t exactly know what hoops I would have to jump through if it somehow comes to light that there are 5 units not two.

It doesn't sound like you need the money now so it makes good sense to do the light rehab and hold onto this one.

@Alex Deacon, Thanks so much for the light but again I do need to understand the rudiments of the industry as am an Architect but do not understand the business of the profession which is real estate.

Spacious open concept floor plan with large airy windows connected to skylights allowing in tons of natural light.