Avg cap rate is 9.5% for closed multis (vast majority are duplexes) in the area.Thank you both for your input!

However, based on the information that the applicant couldn't not show sufficient CURRENT income, the landlord wanted to deny the application.  

And Im glad and grateful for being their go to carpenter, but its my turn soon:)  As for being a carpenter I get the best seat in the house with seeing how these projects are being done from the demo to the finishing stages, and for that I am glad of becoming a carpenter but I am ready to hang up the tool belt soon:)  And I think that the BP site and all the vast information being discussed here will help me get there! 

You could  contribute additional personal funds into your own 1031 Exchange account equal to the face value of the installment note (boot paid or contributed) so that sufficient cash funds now exist inside your 1031 Exchange in order to complete the acquisition of your like-kind replacement property.  

Damaged wood fronts and particle board (which is another discussion) can not be repaired to any sufficient degree. 

Tired of being at the mercy of flaky buyers or sellers and ready to start investing as a principal and control my own destiny.I have partnered up with a friend Jack who has owned several hundred units a sold them a few years back, and we are looking to hit the ground running and get into this full time focusing on wholesaling, rehabbing and eventually buy and hold once we find the right deal and have sufficient capital.

If your going to self perform a few smaller projects like installing cabinets or laying wood floor a basic property policy is probably sufficient as long as it is insured for the proper value.

Is the heating system sufficient?

I love BP, but I have a hard time filtering through the vast amount of information, and taking more action steps.

Buy and hold, you have sufficient income from your company without a tenant, your company has other investors that can finance all the payments if necessary.