It's a fantastic home with updated AC, furnace, water heater, roof, etc. but it's extremely dated.

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The easiest and most cost effective method of removal would be a contract to leave while paying (although it feels like you're getting taken) the 'tenant' a small amount. 

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

This is fantastic, My simple question has opened up a great forum.

Good luck, and please let us know what methods you end up using and how well they work!

To imply that some method will or is even likely to yield the same or similar results is just hype, marketing and deceiving to instill hope of making a fortune.

No my returns do not meet even the 1% rule but my returns are fantastic.

Johnson, the rents will produce fantastic cash flow after we turn the inside, there is big upside in the value of the property and in CF by renovating everything and getting market rents, I can pay off the property and have double the amount of value than the negative cash flow over 15 years if we can't turn the units, and I think there is a ton of upside for this area in the form of increases in market rents and market values (the big icing on the cake).Besides, you know I don't ever want to sell anything!

Another method might be buying the duplex and living in it for the next couple of years.