I certainly hope we can leverage each other as I gain more experience.

Ask his annual returns percentage wise and that will give you a goal to beat many times over hopefully at some point in REI when you gain experience.

If you buy 100k property, and sell it for 150k, your gain is 50k (I'm leaving out closing costs on both ends for simplicity).

So I'd only gain about $150 a month so it would take years to re coup my initial investment. 

I agree with Chris, start single family then you will gain more knowledge and also move revenue to venture into MF.  

It would also have about $35,000 equity that I could liquidate to apply towards another property, debt paydown etc.I want to extend my ownership to at least 1 year and 1 day to qualify for long term capital gains vs ordinary income.  

They may be more of an expert in the area.If you have not listened to this show, you will gain huge insight from it: http://www.biggerpockets.com/renewsblog/2015/02/26/bp-podcast-111-unique-profitable-real-estate-niche-youve-never-considered-with-jefferson-lilly/

We will be managing this duplex ourselves to save that expense and gain some experience.  

Yes, the junior lien holder was wiped out but she has the rights of the junior lien holder as far as a payoff is concerned and ability to gain relevant pertinent information on the senior lien.

There is a ton of knowledge to be gained.