My husband and I are looking into possibility of getting started with some duplexes in the Memphis area.

If your at least 2 years into your ownership and the property value is high enough you could possibly get into an Freddy loan.Now, note that the second option is only viable if your estimated NOI for post-renovations is true which makes option B a higher risk option. 

My name is Shea And In anxious to start and begin in Realestate investing, Creating Positive Cash Flow but most importantly building wealth & finacial freedom, But first want to Master the Math and Analysis of Pro...

This property is appealing to me because it is selling so far below market value but I'm concerned that if I was stuck with it for a while, I would only break even or possibly lose money on it.

It's also possible that after you use a contractor a time or two and he has gotten some of your money he may be willing to give you some freebie estimates because now you're more of a sure thing.Before you buy the property, the contractor might be thinking that I'll have to visit 4-5 properties for this guy without compensation only to maybe not get the work after all.  

Is this possible?

Just make sure you are as efficient and economical as possible.

My retirement account is a Florida state retirement fund (so, I would have to quit my current job and possibly pay taxes and applicable penalties on the 70k and, there is a 3 month waiting period once employment is terminated).  

I am glad to hear there are some possibilities available. 

Another person on BP that you might want to connect with is @Reed Goossens....his niche is assisting foreign investors investing in the U.S. and he could possibly be a resource for you on the issues you deal with as a foreign investor.