One of the documents was an engineering report referencing the existing two units and how they had been restored to certified occupancy. 

If it's your first build, I recommend engineer stamped foundation and framing plans, licensed mechanical, electrical, and plumbing.  

I'm a young software engineering professional working in NYC with enough money saved up for a downpayment on an entry-level home that I want to use for rental income.I recently visited Detroit and love the culture there, but I won't be able to visit, so I'd probably be interested in hiring a management company.Is it possible to be cashflow-positive with turnkey properties using a management company in Detroit?

You live in Sacramento and your situation is similar with all the levies that the Corp of Engineers built along the River and when the San Andreas Fault really moves, Sacramento will be under ten feet of water.

For the past 2 years I have been a chemical engineering student with very good grades.

I already have a successful day job as an engineer and this would be a way to expand my resources and to start a good cash flow. 

The second property is not a commercial property, so the lender will look at my own income, as well as the income generated by the property, to qualify me.According to a fairly robust calculator I created, I need $150K for DP, closing costs, and to show the lenders 6 months of reserves for mortgage, taxes and insurance for property 1 and property 2.I missing $40K for my cash goals - this is the 6 months reserve money, not the down payment + closing money!

Hi,I am in my last year of college (mechanical engineering bachelor) and am planning on buying a duplex or triplex next year.

Yea, I intend for the "engine" to run on it's own for a while, just need to have that starter motor to get things moving. 

They'll help with not only design, but with value engineering as well.