However, understand the market rates to ensure you pay much less. 

His company does good work, they show up on time, and charge a fair rate.

Either the amount of renovation won't increase the after renovation value or sellers are asking fair market price without any room to negotiate.

I have a fair amount of equity in both properties and will have my primary paid off soon. 

:) Assumed the condition of the duplex has recently been upgraded I think your expenses are fairly accurate.

I just thought I would relay my costly lesson in 'fairness'. 

Seems the 'tried and true' stuff isn't performing as well as we'd hoped using fairly conservative estimates.Best of luck, sounds like you have an awesome start.

If the new loan and the old 2nd meet certain criteria (basically the new loan being a rate and term refi of the 1st, the 2nd being fairly small, closing costs being low) then the 2nd could be automatically subordinated to the new 1st, regardless of the sequence they were recorded.

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.

Is there a government inspection process of properties to ensure that new rentals are safe/ suitable to rent?