The property is not in danger of flooding or damage from this, however it does accumulate rain water and makes the backyard inaccessible in spots for about a day or so afterwards.

I for one plan to soon target this niche to HELP PEOPLE, while making a buck... and (just as importantly) costing the PTB and their public and private companies, when fewer people go 'bk,' loose their equity and/ or credit, in addition to the the roof over their heads.

Very rural towns will have fewer buyers, and that includes both the flippers, and the end buyer, so I'd stay away from those.So the key is finding off market deals, and negotiating a price low enough.  

The good thing about fear is that it typically prevents one from entering into a dangerous situation.

Those that do often only for 1-2 years.The other danger with condos is an unexpected assessment, which can wipe out a year or more of cash flow. 

With flips the danger in the beginning is that there is a tendency to underestimate costs of renovation or carrying costs so just be conservative in your estimates.

This is the definition of risk, last time I checked: "...a situation involving exposure to danger."

Namely: 1) Asbestos levels aren't above the "dangerous level" but will be there, if they continue to rise. 2) There used to be a dry cleaner on the property who may have not discarded of hazardous waste effectively. 

It also doesn't help that I need to live in Redmond as I have to be close to my job in Terrebonne, and there are even fewer duplexes here!

You have immediate control over how much you purchase the property for, while speculating about future income possibilities is a dangerous game this early in your career.There was a podcast that suggested that an investor should come up with a purchase price for each property that they analyze.