You change your teaching technique.

Its an imperfect system, be as safe as you can.

I'm definitely the "play it safe" type, which is why the buy-and-hold strategy appeals to me, and because this is all new to me I want to "start off slow", but I am open to hearing thoughts on other options I could consider as well.Put simply, if you were in my shoes, what would you do with that capital and now with one property under your name (if buy-and-hold is the most appealing strategy to you)?

The yield curve is heading upwards, which they'll feel safe to go "hide" their cash in the right assets like real estate. 100% the case.

These tenants are so big that obviously you aren't going to get a personal guarantee out of them, but they're also such a safe bet that it's not seen as a big deal.In the smaller range of 3-5 year leases and small businesses, you don't see a lot of NNN, and you see more personal guarantees for the first term of the lease.

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The reasons are obvious - their main purpose is to justify the loan amount and make the lender feel safe.

They are more common in college towns I don't think you are in one, also with a duplex you shouldn't run into that or boarding house regulations but better safe if you are building something. 

I'd recommend factoring in a bit more time for how long the rehab will take to be on the safe side, but I do like the MISC Expenses buffer that you put in there. 

It all comes down to creating equity as fast and safely as you can, and covering the operations (cash flow).If a fourplex has more opportunity, great, if it's a duplex great.