In 46220, 2 bedrooms avg $1,600 in rent. 3 beds for for an avg of $1,985.

I’m considering buying a duplex and renting out one half while my girlfriend and I attend college.

Property ask price: $486k but rent income is $4800($1200/unit).

that's why high turnover is so expensive - you're patching things up / cleaning up / and then paying another month's rent just to get it rented on top of any vacancy.and again - that's just hypothetical math. 

The state is Florida.I did not consider this first mortgage an issue because I was simply going to live rent and mortgage free in this property myself, rent bedrooms, make good money and recoup my investment in short time (netting 4k income per month if you count not having to pay my current rent).

Where do you have the hub physically located?

That article references California.2nd, I believe it's a misinterpretation of the new California security deposit law which limits security deposits to 1 months rent.

Should I sell (use the money to buy other rentals) our current primary residence in Tampa or rent it out?

One is the value add situation, you might be in a situation where the values for rents are upside down.

I was advised that the depreciation taken during the years it was rented is not excluded from the exemption.