They can ask you to serve notice so one unit (or both) are vacant at the time of possession, but if you agree to that make sure you have a large deposit and some of that is not refundable if the buyer backs out as you will need it to cover the lost rent.

I’m looking to earn a full time income from rentals/flips/etc.  

Anybody know of a GOOD mentor that can help with my overall growth in becoming a real estate investor.

Pensacola is a great town, I'm sure that you'll enjoy your time here. 

This is more of a commercial real estate rule of thumb and I think it is less applicable to small multifamily 2-4 unit properties for several reasons.

Initial purchase was in August and contractor committed to get the house renovated in time for us to get it into the mls by Labor Day.

Its possible underwriting might balk at a nonconforming unit because in theory it could be shut down at any time and that income could evaporate. 4.

Additionally, are there any challneges as working 40 hours job and doing Real Estates?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I'm concerned that if I place an ad to find people who will work on an hourly basis (in the area of the property) that I might have a hard time finding people who can reliably respond to emergencies during off hours, but I can't afford to have someone working full time or with standard on-call rotations.