Thanks for the tips Sean and Ndy!  

Sorry for the long reply, I just wanted to make sure I acknowledged every step that took to reply as I appreciate any tips considering this will ultimately lead me to financial wealth and freedom!

., etc.Yes, a new foundation (among other things) is required.There is a very real cost to the developer in tearing down and disposing of the existing house (tipping fees can add up to a tidy sum).  

Thank you for the tips and guidance while I'm getting acclimated to the community.

I received this info from @Nathan Sharp when I first started.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/(house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/(how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/(guide to buying a duplex)https://www.biggerpockets.com/renewsblog/2013/12/12/bp-podcast-048-duplex-managing-tenants-darren-sager/ (Duplex investing)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/rei/glossary/https://www.biggerpockets.com/webinarhttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

My husband and I just bought our first rental property in Lehi, Utah, thanks to a lot of the tips, tricks, and courage from you fellow BPers & these forums.

Further, I've heard it takes upwards of a year to season a rental rehab: are there any tips anyone has to shorten this time?

You can deduct those expenses using Schedule E of the form 1040.Best of Luck on your Real Estate Investing! 

I don't want to get too leveraged.I appreciate the tip about trying to do some re-negotiating last minute.

Change out lights with low-e permanent LEDs, and make sure you have good furnaces so they don't use space heaters, and you will be fairly safe.