I am a newbie investor who really can't offer any advice on investing, but could certainly help with with value add opportunities as well as ways to potentially maximize your bad debt collection from those residents who you had to evict or who have skipped out on their lease.One of the best things I recommend an owner does with their residents is to get multiple emergency contacts on their application.  

But from there applicable agencies create rules, and then further guidance memos on the law and it's rule.

Since this is FHA loan, I learned that FHA loan number assigned for this property need to be moved to new lender and unlike conventional loan application, I cannot have 2 lenders working on same property at a time? 

The dog duplex could be profitable if the market is right (pet ownership is over 50% in many areas, yet fewer places allow them)...I would either try and market the duplex as  a dog-friendly unit (with the separate yards) and give full barking disclosure and even invite the applicants to come by at various times to test the noise themselves; or (especially if my dog friendly marketing wasn't working) I would cycle the existing tenant out, remodel and go with fresh tenants of your own choosing.Best of Luck....

I typically put in nice(ish) cabinets, granite countertops and stainless steel applicances.

They have no books, tapes or systems they are pushing, your membership just gets you access to some free education and top notch paid cert. programs as well as TAA leases and bluemoon lease software. 

I see it has an application for a 4 family property so I assume it is zoned correctly for that.

Totally agree ... for me with leverage, it is not a question of yes or no, but more of what degree of leverage can the investment safely support and my wife and I (and other business partners if applicable) are personally comfortable with.

Also, list out the money you put aside for cap ex, prop managers (if applicable)...

So you must go through a bunch of red tape.