You would subtract out all deductible expenses from your total revenues to determine your taxable income.

When both units are occupied, total rental income will be $2,400, and total expenses (mortgage, taxes, ins.

Just came out of the Rich Dad's/ Legacy Education 3-day seminar where they tried to sell me really expensive packages.

No wonder housing is so darn expensive here. 

Expenses including CapEx is at 39%

My parents want to get a house closer to town. so my thought was, could I potentially just purchase a multifamily house in Lafayette Indiana using a low down payment financing, since I would plan on being there for a while myself, then rent the other side to them (under market value and less than the crazy high mortgage they pay now, but still high enough to fill an emergency fund into the house) I would be using my own low living expenses to build up capital for my next investment property.

You buy it and fix up the renter's side first, and let's say you manage to rent it for $1000/monthly, but $750 of that goes to expenses - mortgage, loans to fix it, insurance, etc - so you have $250/month to go along with your $20k/annual, so by year 3 you have enough to buy a second unit. 

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My favorite is using the Intuit Self Employed App because it automatically tracks miles as part of the monthly price and updates your expense tracking.  

Both offices had a good handful of bodies at the locations along with a few appeared to be customers onsite, but i'm a little worried about all the fees and monthly expenses i was presented with along with the commision rates.