BP has a great book on the subject to help in you education.Be sure you understand how to estimate rent, costs and reserves to try to assure you have a positive cash flow on your first deal.Save your money and rents to make your net purchase after living in the duplex at least a year and several days from that first closing.   

After repair value estimated at $175K.

Make sure to estimate contruction costs accurately.

Make sure to estimate contruction costs accurately.

Thanks @Will Fraser my estimate was on that high end.

I know my local market like the back of my hand and can easily estimate costs for repairs and what not.

@Shoshana Shulman - there is a calculator on TreasuryDirect to estimate the future value of the bonds.

But the lenders are hesitant to give me even estimates.

And I believe it only needs to be done once a year, you just need to pay estimated taxes in quarterly.

Make sure you consider all the extra expenses that str properties have:third party software, supplies, county taxes and business licenses, utilities, internet, etc.and run the numbers to estimate what your cash flow will be in the high season and low season.