I'll put about $55k in and it'll have gross rents of $4000.

We can fit multiple States into Oregon alone so the gross generalizations are not only offensive, they're just wrong.

While you only need variances if you are doing an addition, for legal non-conforming, if you have an illegal use i.e. two buildings on a lot zoned single family, you could be opening up a can of worms making the project not worth it.Assuming all checks out from a zoning stand point, I will say typically, you can get more gross rent from a duplex than a single family home of comparable size. 

Expenses can be up to 50% of your gross rental income and include property management, vacancy, repairs/maintenance and capex.

*My rental income covers more than my mortgage payment while living here.PITI: $1,700Monthly Gross Cash Flow: $650 (While living in a unit)Monthly Gross Cash Flow: $1,650 (When I move out)--------------------------------- What made you interested in investing in this type of deal?

On the surface, you are grossing $200 a month which should help you service about another $40k in debt or so. 

If sold I expect to have gross around $35-40k in equity. 

It appraised for after renovation $240,000, it gross’s $2600 a month my loan payments total $1000 and I’m left with $800 cash.

And you typically have to give the firm a third of the gross amount they collect, but the upfront retainer usually gets credited toward the third to the firm.But when the firm got the debtor on a payment plan, I would get my check about every month from the law firm.

If I flip, i will gross $100k, so get my $50k back plus $50k net profit.