For example, you gut a kitchen to the studs, well now all electric has to be to current code so that means adding receptacles and GFCI where required, and "uh0oh" the breaker box is out of code, since you had to add those new lines, whose wires go into the panel, now you have to upgrade the entire panel to current code.

Demand soared, as this is right outside of the urban core with all the latest upgrades and best amenities.Lessons learned?

It was a good time to move in together and so I pitched her the idea of doing a live-in flip but nothing too crazy - cosmetic upgrades needed.

If you put 25% down when you purchased it, then you already have sufficient equity to do the rate/term refinance before you do all those upgrades.

Some other things I thought about was asking price, rents, rentability, ability to raise rents, will it cash flow after I move out and rent out both sides, age of roof and hvac, what kind of cosmetic upgrades would it need right away, are the current tenants paying rent and in good standing or should I ask for the duplex to be delivered empty at close, the leases of the current tenants and how long the leases are. 

You can't upgrade it (like with dual pane vinyl instead of single-pane wood sash) and a lot the stuff you need to pull permits for needs to get architectural OK. 

My wife and I are flexible in terms of exact location in Colorado, we are looking for a single family fixer upper to live in for 1 year before we upgrade.

I would try to pull whatever strings I could to get my deposit out, but if I couldn't do anything about it, then I would absolutely move forward and try to get as many upgrades out of the builder as possible.

., new kitchens and bathrooms, new flooring, removed the hallway carpet and installed an epoxy floor system - lots of fun and exciting upgrades!

., new kitchens and bathrooms, new flooring, removed the hallway carpet and installed an epoxy floor system - lots of fun and exciting upgrades!