@Gamble LiAround here (Fredericton), the inventory on 6-10 unit buildings is pretty tight  - though there are a couple for sale at the moment in a part of the City that is a little less desirable.  

The flipping involves everything from finding the property, negotiating the deal, determining what needs to be done to the property, dealing with the renovation planning to include getting it approved by the local authorities, performing the work on the property or finding and supervising the contractors or employees who will do the work on the property, paying all associated bills for the property to include HOA fees, utilities, insurance, and taxes, coordinating all aspects of the rehab which goes beyond just hiring contractors, passing all inspections, staging the property, determining sales price at completions (which may be different than initial ARV projection), staging the property (if desired), finding and supervising the realtor selling the property.  

An issue here is that being new to the industry, my imagination for possible scenarios leaves something to be desired (and hopefully something I can improve on in this forum).

I found this incredible duplex that's close Universities, Downtown and it's about a mile to a very highly desired area.

I think with your desire to only have a few properties with very low leverage and possibly using a lease option as your exit plan, you should consider paying a little more for a 3/2 that can cash flow better than $200/mo and is in a slightly better location.

I say that because some of the podcasts are geared towards types of investing that I have no desire in, find your niche of what you want to do and listen to some podcasts and read as many books on the subject as possible. 

There are almost no rentals available in this county as the schools are desirable.

The first step in learning is to show up with the desire, so you are on your way.  

We ended up selling this property and buying another one in a more family desirable area.

Here are the numbers.List Price: 274,900Bed/Bath: 3/3Garage: 2Year built: 1976Total Fin SqFt: 2,235I would only offer about 250k, it's been on the market for 47 days.The upper could rent out for 1,500/monthThe lower could likely rent out for 950/monthVery desirable area.