Assuming a couple months to renovate, I would be ok with $20k profit.

If interest rates have a big impact on the profitability of the strategy or the next property, profits must be pretty thin. 

I got my license for two reasons.  1) Just as @Jeremy Aldridge it gives insight on the entire process of the real estate transactions.  2) By law, having a license holds you to a higher standard in regards to disclosures you have to make which, if you are a shady business person, will hurt your profits.

With a larger amount of mods you may realize some economies of scale where you will see a cost savings.

Buyer would be all in at just under $260k, their profit would be approximately $30k - $50k.I tried to be really conservative with these numbers.

I'm really curious, how much did their analysis sheet say you'd profit and how much did you end up profiting (or losing)?

I know the risk associated with these properties are high, and it would take a lot work to make the property profitable. 

We are looking to perhaps move into a larger place, and rent out our original duplex, which would increase our monthly cash flow even more.

Your legal and compliance costs will massively eat into your profits.

In my area, if I can get a house below $100k, I know I can make a profit.