Specifically, for a mentor, this could be finding and funding the deals and then splitting the profit with them. 

Reason being is that I will be in school for the next 2-3 years(10-20K rent), I can add value/fix the house while I'm living in it, instead of paying rent I can rent out the other 3 rooms to my friends at school (mortgage payments/free living/profit?)

Laminate floors and profit nearly $100k?

I understand that New York is a "lawyer closing state" and that the lawyers are intimately involved in every step of the process and that they generate an abstract of title before the closing, which apparently goes back to the time of the French-Indian Wars.The lawyer we retained to handle the sale will charge $750 for the abstract search and claims it will take 6 weeks to complete.

(Plus a nice shopping center going in a half mile down the road) Rental profit is 300-500 at the door (No upgrades/ with upgrades). 

You need to calculate it as investment income - expenses (including annual taxes and income taxes on your gains) - increased equity (loan paydown - that is part of your profit, but it isn't part of your cashflow)If you are looking at this on only a monthly basis, you'll miss annual or semi-annual costs or seasonal variations. 

Is there a T12 - 12 month profit loss statement ?

I'll accept getting a pretty measly profit margin since its my "throw away" first flip.

I’m starting a new build of a duplex that after completion can net me 200k profit.

The 2-3 yr time frame is key for several reasons, mostly for seller/owner profits and tax purposes.* Do Not offer "Rent Credits."