The current layout lacks bedrooms, which may make it harder to sell to families.

My idea is to build a duplex myself with the help of family/friends.

My family reports as high as 80% tax increases in the DFW metro area every year for the past 3 years.

Invest that $$$ and wait until you settle down somewhere and buy a primary (multi-family unit, or SFH). 

Imagine if you had one single-family home.

I know in theory the process of BRRR, Buy & Flip, Buy & Hold, et... but I am very worried about screwing it up and really putting myself and my family in the hole ( I have a wife and a 1 year old son).

I will give you some of my highlights.People in Texas complain about their property taxes at 3% ours are about 4.5%.New York in general and Monroe county specifically are very tenant friendly.Depending  on the town, the code inspectors/police can be quite anal.Since Covid and the 2020 protests we’ve seen an increase in crime in the city and therefore weakening demand in the city proper and increasing demand for the suburbs.Industry is well diversified—University of Rochester (medicine) L3Harris (defense) xerox (IT) and paychex (software/hr)) and relatively recession proof.Population growth is low and therefore appreciation (except the past 4 years) has been moderate as well.There aren’t many builders in the area so supply is relatively fixed.Home (and rent) prices are both affordable with homes typically being less than 1/3 median household income and rent being similarly affordable.For single family homes at 8% rent will cover piti with about 100$ to spare in the A areas.

But there are also situations where the home owner passed away, and the family assumed ownership.

We have 2 multi-family properties in the Upper Peninsula of Michigan, and we just bought our first fix N flip last week.

It will be really tough to get 100% of the cash needed on your first deal, unless it is a family member or friend.