The home is essentially in good shape but dated as it's about 20 years old or so and could use some modern upgrades but it was the model home so it has features like granite counter tops, dual pane windows, French doors, etc...

Again, talk to your lender.I normally underwrite repairs and CapEx at 15% combined.

Try meetup.com or the Bigger Pockets events section.Any rental property you purchase should be offset by the income it will generate so if you get a duplex that rents for $2000/mo (both sides combined), you will be able to count $1500/mo of that as income you can use to qualify for the next deal.Just make sure your numbers really work well.

That doesn't mean you will not need some money but if you have 10k and you can borrow hard money the two combined could get you in and out of a project thats not too size-able.

You can't access that apprecation until you bring the property into the modern Era.

Also a new coat of paint or swapping out the door handles for modern ones can make a big difference.

How does the 25% equity spread on the combined total come out higher than the spread on each property added together?  

I was surprised he put $750K down on the two, selling price $1.1 million combined, about 10 years ago.

Nice modern software and the support responds quickly.

Here is some info on the product: Product Overview Combines home purchase or refinance (limited cash out) with home improvement financing in one loan with one closingProvides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 75% of the "as-completed" appraised value of the property with a first mortgage, rather than a second mortgage, HELOC, or other more costly financing method.Funds can be used for repairs or renovations that are permanently affixed and add value to the property.