I've been thinking about this for the past 1 week and not yet got a perfect solution.

In other states LLC's are dirt cheap to maintain and you can get away with having one LLC per property.

In my former realtor life, I easily sold well over 100 nice higher end homes every year-- because I FOCUSED.I developed a very organized system ( felt like McDonalds as far as processing the client on-boarding-training then find it-buy it-close it part of transactions).I chose my top 10 favorite parts of the Greater Charlotte MSA and I think clients were drawn to my success, in depth knowledge of each area.The best part with a focused system is it permits quality time with clients.If you will focus , develop your system --and perfect your support team of professionals, nothing can stop you and money just comes!

So as long as the sale of the duplex + the internship money + miscellaneous income < $75,900, I could get away without paying any taxes on the sale.  

Sometimes you can get away with second egress being a throw down rope ladder, but do not quote me on that.

If it looks like the area, albeit run down and in need of moderate to extensive upgrading, is undergoing progressive and aggressive gentrification that's the perfect place to invest in IMO.

you just need and equity partner... then you two strike whatever deal suits the both of you.these things are fluid  not set in stone and each has their own deal structure.. its the fun part of real estate.however the first lien holder may require your equity partner to go on the loan with you.they may not accept a 80  10 and 10 deal.... in the old days it was perfectly fine.. but now not sure@Chris Mason  is there 80  10 an 10 product out there are these being done in the investor arena

In a perfect investor world if you can save enough funds to buy your property's and the upfront cost they require, and have the borrowing power to at least get 5 property's under your belt before you have to start getting creative.

numbers look great, I agree that you should include the PM figures (just because you're doing the job doesn't mean you aren't paying for it) Deal looks perfect.

@joseflores what you said about trading sellers for comps makes perfect sense!