I am extremely honored at your offer to team up on a project.

It can be very rewarding and extremely profitable, just use the proper resources to avoid the pain. ;-)

Depending on the location of the property, the numbers seem extremely thin for what can easily be found in the area. 

Any guidance will be extremely helpful.

@Kathy PattersonWith respect to RMDs, if the account does not have enough cash to cover the RMD, part of the property (enough to satisfy the RMD amount) can be distributed in-kind to you.

$100k in the bank is EXTREME overkill.

It will take an extremely well researched and laid out plan from initial purchase to the Refinancing.  

I would love to find a duplex but they aren't extremely common here, but I also would't mind a SFR to get my feet wet with the process.

The house were wanting to buy is a major fixer upper deal and is going to be completely as-is, And is extremely cheap (less than the assessment value on just the land) we may even just buy it with cash and finance it later to get the cash out.

It is free and the students are working under the supervision of licensed, and often extremely knowledgeable attorneys.