My goal is to get my CPA once I meet the education requirements by going through a Master of Accountancy or MBA program.

BRRRR is common in commercial and your existing lender will need more of an appetite for a refinance if they know that they are going to loose the loan.Fannie, Freddie, and some local/regional banks actually have a supplemental loan feature that facilitates a BRRRR...the original loan stays in place and you get a supplemental loan when the property has been re-positioned, rents raised, and stabilized.There are also construction/perm loans where rehab is financed during the IO construction period and then the loan starts amortizing later. 

I am a high school special education teacher in San Marcos, California. 

A little info: Asking price- $41,900Our first offer- $24,000(house needs $15,000 in repairs, all cosmetic, nothing structural) we cover closing cost, 10 day option period/ $100, title policy and survey at sellers expense.

I agree with @Jordan Moorhead, you will need a minimum 20% down unless there is enough upside where you can get a HML involved for a short period of time. 

So during the option period and i am collecting rents from both units, I'm pretty much a landlord because utilities will have to stay in my name because the duplex has one electrical service and heating boiler.  

Don't overdose on what I call "education overflow addiction". 

Austin doesn't really have cash flow, period, so that one's out. 

But there's one thing you can't learn in school or from an education and  that is the "drive", the determination, the self motivation. 

It's more likely you'll see a 5 - 10% decline over a period of time.