A recommendation would be to start setting some money aside now to build up your repairs/CapEx fund and then whatever extra you get from the rent, put it away for future repairs. 

THE QUESTIONS:Should Johnny get a hard money loan to purchase the home and make repairs, then re-fi 6months later to access the equity and invest?

If I was to put an offer in I was thinking about offering them half of the asking price because it needs roughly $30000 in repairs and updates to make it competitive (based on many other places being modernized). 

Right now the only way I can see positive cash flow is by lowering the purchase price by almost $20k, which is plausible considering there are a few repairs that we can request. 

Landlord shall not have any obligation to repair or replace the furnishings.

As far as I'm aware sellers have no obligation to warranty the condition of the home after a sale so long as they disclosed known defects.On the upside, it doesn't sound like that extensive of a repair and likely one that wouldn't be worth filing an insurance claim for anyways.

Property #1: Found a 3100 square foot duplex that needed some tlc but for the right price I could afford the repairs.

I have no landlord experience and know that PMs usually charge 1 month's rent to find you a tenant and of course any repairs or maintenance that may ariseWith the following information, would it be better off to stay at my current apartment and just end my lease when it's time to take an assignment or should I purchase the duplex and possibly make extra income through cash flow and equity but also run the risk of repairs, maintenance, etc?

Am I able to structure a loan where I just borrow the funds for the repairs (since I should be able to get a conventional loan for the property itself)?

I do not do any of the repairs.