I added value to the deal by updating and remodeling the entire house.

It's certainly over priced for the condition its in but it has potential it needs a new kitchen and 2 bathrooms remodeled. 

Also once they move out you are probably going to need to spend some money on remodeling.

Fix n Flips seem lucrative, and I have 7 years experience in contracting/remodeling residential homes in Colorado, I have access to specific contractors who i've seen their work and worked with, I know I could do it, but I don't think I have the bandwidth to run a flip and work the day job.

Are there any active remodeling companies in Charlotte interested in helping with a renovation?

Need to budget for roof 25 year life span, appliances and hot water heater 12 years, floors 10 years, hvac 20 years, kitchen and bath remodel 20 years, etc.

I'll be working with a CPA towards the end of the year to make sure my taxes will be all sorted, but I'd like to get things all set up as well as I can now to make it easier later on.Would appreciate any help in how to categorize/deal with the initial cash to purchase/remodel in Quickbooks Desktop Pro.

You can assume it will take more to remodel, that your holding costs will be higher than expected and that it will take a while to sell. 

The duplex was recently remodeled so up front cap ex would be minimal. 

I brought in additional money into the closing of around 40k for rehab funds in order to bring the purchase price where it needed to be to bring it to 190k.The plan with the property was to either spend those rehab costs on a full remodel or do minimal fixes and just have the new tenant buyer for the lease option upgrade the property to their liking.