I'm currently in college and have around 400k to 500k in cash but no income.

The house looked in good condition and I knew this area is up in coming and I will be able to take advantage of the new ARV.

or am i missing something else here.The rental income will be in like 2900/month so not badHere is the inspection report with red flags all other stuff are just minor.

It is his primary source of income (held in an LLC) but is paid off and he's considering selling or pulling money out for a down payment towards a new primary purchase.

If your modified adjusted gross income (MAGI) is below $100k, the passive activity loss rules may allow you to deduct up to $25,000 in passive losses.

It I were the lender I might keep the duplex and operate it as an income property.

Some passive income is tax deferred due to depreciation, but all of this will be taxed when the property is sold.  

Right now we have 2 units that are vacant, ready, and being marketed, and with the 'asking rent' reductions we just did to try to fill them faster (it's offseason for leasing), the estimated market value of the building based on net operating income is now $1,542,500.

I've had my head in books, scoured the web for every new term, researched the nitty gritty of any claimed new strategies I'd never heard of, been ripped off on a couple force fed guru "best way" webinar sales, backed out of a deal where they tried to stack the cards against me in a very sneaky way, passively attended a few meetups, talked to numerous lenders and even enrolled to get my Florida agent license. 

The property may not cash flow as a long term rental, but it may does as a short term rental or a mid term rental, maybe instead of finding a move-in ready home you could find a fixer upper for a lower price, increase the value of it and increase the rental income...