Borrow money from a related party

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Hi everyone,

I am planning to buy my rental property using money I borrow from my mom. I was wondering what is the tax treatment for that. Can I count the interest I pay to my mom as mortgage interest and get deduction for that interest on my tax return at the end of the year?

One of my co-worker said that I need to have a clear lending contract stated that "the rental house is the collateral" in order to consider this as mortgage interest.  If so, can I just create the contract myself and get a notary public stamp? Or it needs to be formally created by an attorney to be legally valid?

Have anyone run to this situation before? Or any expert in the field? Please help.