I only do 12 month leases and re-evaluate the rent price based on market conditions at that time.

Namely, transfer taxes based on the assessed property value (even if transferred for a $1) & presumably additional accountant fees related to basis. 

Choose a contractor who crafts perfection, word for word. 

Here's my advice based on an 'n' of 1:- in my case, Insurance company agreed to pay 33% over asking price.

I would assess the risk based on the title search.

Attend REIA meetings not only in your target investment areas but also in regions where potential out-of-state investors are based, Use LinkedIn to connect with real estate investors and groups.Engage in real estate forums like here in BiggerPockets, where many investors, both seasoned and new, gather to discuss opportunities, seek advice, and network. 

Now you have the liquidity for your 390k duplex and it will not deplete you and you will always be in the game.One of the keys to winning the game is to always be in the game.

Think of the first property as the practice period and the BRRRR as the real game day where your practice will pay off. 

*Most* of the time it is better to start off investing someplace you know intimately than picking cities out of a hat based on statistics you read on a screen. 

Her office is based here out of Gainesvillle.