My issue is that I come from a low income background and have fought my *** off, pardon my language to get to where I am now and comfortable.

The idea is to get as much as possible using the equity and pay the rest with our income, with the goal of long term wealth building for financial freedom.

Do you think I’ll be able to collect as much or similar rental income with stock laminate?

You likely won't be able to take any deductions on your personal income, but real estate does have tax benefits.

My understanding is that whatever "net income" I have from my rental is taxed at whatever income tax bracket my wife and I are in.My wife and I file jointly and our taxable income puts us in the 25% bracket, so my understanding is that if we make say $4000 net income from our duplex then we pay $1000 in fed taxes on that.Are you saying that is incorrect?

If you're investing blind then you have a multiple of disposable income or have no fear of loss.

I'm not able to apply for a regular home equity loan since I am disabled and have a fixed income.

The blessing for them is that the income from the land leases helps to keep the college and monastery operational. 

Then, of course, visit real property/tax department for past due/current payment status of all taxes.

Verify if there are any outstanding violations or issues that need to be addressed.Financial Analysis: Review the property's financial records, including income statements, expense reports, tax assessments, and utility bills.