There are normally three traits to make a business successful - Experience, Money, Time.You mentioned already not having the experience.

The time it takes for a zoning variance, the money to dig out the basement and the level of risk for what seems like might be your first project is a lot.

As @Nicholas L. stated what are the expenses going to be if you had to put money into the property and could you raise the rents if you did fix some of the issues.

It is a deal breaker, but I do not want to loose earnest money.

Other cash such as down payment or money to fund your escrow / impound accounts (accounts that most lenders require for your property tax and homeowners insurance shouldn't be included in lender fees).

You may not be able to get as much house for the same amount of money if you decide to buy another rental in the future but if you do your research and spend time searching you can still find good deals for similar properties.

I hear there are softwares that allow you to pull the money out of their bank account.

I guess I am unsure on which would make the most sense to do on paper cost wise. - Buy an already existing duplex and do a rehab- Buy a lot/foreclosure and do a new constructionThe real end goal of the duplex is not necessairly profit, but to give my side of the duplex to my mother when I move out so if I did do a rehab, I do see myself putting more money into it to make sure it is near the best it could be.

Some of the guru's talk and talk about no money down, yadda yadda, but that's just not the norm from what I've seen. 

I want to save money by doing most of the work myself on a renovation project I have coming up.