You need deep pockets,  patients and a high threshold to risk.

On the flip side, the terms offered are hard to beat and you can lock a rate for 30 years and eliminate the risk of future rate increases. 

If I set up such an arrangement, I would still be at risk unless he was insured correct?

Everyone says "Johns Hopkins area", but the Johns Hopkins area can mean both really nice or total warzone depending on the block.The 1% rule is relative, in Baltimore I would expect closer to 1.5% or 2% depending on the area and corresponding level of risk.

I have no landlord experience and know that PMs usually charge 1 month's rent to find you a tenant and of course any repairs or maintenance that may ariseWith the following information, would it be better off to stay at my current apartment and just end my lease when it's time to take an assignment or should I purchase the duplex and possibly make extra income through cash flow and equity but also run the risk of repairs, maintenance, etc?

I would carry my plan to the local zoning official beforehand.

The risk you run of course is now you have more debt so in the case the market goes down and you need to sell, you run the risk of coming up short. 

The "carry trade" is sexy until it destroys your balance sheet.Short term, high value add deals that you can refi would be my strategy although in most cases  I wouldn't risk my home to do it.If you can live with a permanently higher payment then do a cash out refi and keep your powder dry for the opportunity with solid yield.If I sound like I'm speaking martian right now then don't move forward!

It comes down to risk tolerance and risk/reward.

At that time, I was barely a couple of years into my first job out of school and was very risk averse, and not a lot of savings to put as a down payment.