I think usually your best bet is to use 1/4 plywood underlayment and/or some sort of leveling product to fill in low spots along with some method of grinding high spots (primarily you need to get the floor FLAT, not necessarily perfectly level.

I have not been to Deer Isle, but heard it's a great place to disconnect and enjoy nature as well! 

Go find expensive houses that have sold in the condition you want to rehab them into (something like the end product you envision) and then see what they would rent for.

Not familiar with this product. 

We have also secured a real estate agent who will only take 4% commission and who will guide us through the process.Obviously our plan is very elementary in nature as we have analyzed a minimal amount of deals and are not entirely confident in our abilities to determine the ideal purchase. 

There is settling on the entire right side of the duplex (he recommended a structural engineer be ordered).Everything else is cosmetic in nature (resurfacing/replacing of tubs, cabinets, trim, etc). 

@Dallin HernandezWelcome to BiggerpocketsMost lenders, conventional or portfolio, will require 6 months on title and for the property to be stabilized before you can refinance it into a long term loan product. 

Usually there is not a ton of equity built in on this loan product.

Because you won't have issues with lead paint and asbestos as both of those products weren't really used in residential applications after about 1978.

If it doesn’t, learn the channel you are more naturally inclined toward because it will be you working it.