Unbelievable you found a  MHIC licensed contractor to work for 10% profit margins, after expenses he made a 7.5 percent profit margin?

Assuming a mortgage is not a Sub2.Sub2 or taking title subject-to refers to taking over legal title to the property subject to the current financing, encumbrances, liens, etc.If the prior owner is now a leasee, hopefully you structured that well and setup and fund a new tenancy as soon as title transfers over to you so that the rights and duties of both parties were clearly laid out.If they arent in a contract any more you can give them a notice to vacate and the proper time to leave depending the local tenant landlord laws in your area.

In most areas of the country, a properly priced duplex will never make it to the extended period Set up a search at Hud homestore and you will be notified once the property hits the market 

I've heard of IL strict deposit return protocol so either way give proper notice of intent to withhold in a timely manner.I withhold the days of rent it took to re-rent when I receive no notice. 

Chances are you will still have to put your own capital into the deal, but this method, if done properly, can minimize the amount of capital required. 

I am looking to close on my first deal in the next few months as well as working on getting my license for my own knowledge and to work my own deals.

If you buy some non-local notes as well, what would you consider proper due diligence in those cases?

For example I think in CA you can only have a certain number of plants (4 I think) before you need a license. 

After speaking with two attorneys, they strongly recommended I didn't forego using an attorney and one even said I could be at risk for practicing law without a license.

Get your real estate license and start cold calling brokers.