I have experience in construction and have a bunch of contractor/real estate friends/family so flipping seems pretty obvious but I am not opposed to duplexes for rental income either.

Best for speculators as opposed to income investors but without providing any numbers you are  asking a question no one can answer..

I am awaiting the inspection to be sure, but there is an HOA that insures the exterior which helps.

As soon as you can do it, after you close, change the exterior door locks.  

I had a contractor walk through the house the other day and said that he would "cut" my particular hardwoods down about an 1/8th of an inch, as opposed to sanding them.

Bad debt, to be sure, because you're depending on getting hired as a W2 as opposed to taking the initiative to use what you've learned to build a business and an income for yourself.If I can borrow money at 4% and lend it back out at 12% or better, I'm getting the spread as income with, essentially, no "out of pocket".

Singles and doubles (vs a homerun) is a baseball analogy ... it means to start out going for lower risk, lower but steadier reward investments (like a base hit) as opposed to higher risk, higher potential reward investments (like a home run). 

I am trying to think ahead and wondering about larger flips as opposed to the more conventional SFR flips.The $200K, i mentioned, would be the down payment, plus costs, etc in order to secure a hard money/financing for a larger million dollar project.  

The building is an REO, vacant and requires complete renovation (interior & exterior structural).

Should the low interest rates be a big factor on deciding to buy now as opposed to a couple years down the road?