The friend who shared this deal with us offered to provide the loan.

This will provide some amazing long term appreciation!

I got a PA for 300k/FHA loan. 720+ credit score, 75k cash, and good income.

Maybe consider a conventional reno loan like the Homestyle or CHOICERenovation. 

Maybe it’s just gut feel, but for some reason It FEELS like these two scenarios will provide excellent opportunities moving forward, while fishing for notes to purchase at significant discounts to current principal enough to yield sufficient returns doesn’t seem as promising.  

Additionally, I have a great relationship with my lender and secured favorable terms on my current loan.

All of which nothing will help him because the loan is still in his name. 

has anyone had positive/negative results in dealing with a company called 212 Loans?

But because it is built before 1960 banks do not insure it as it is(not renovated) for earthquake so they do not grant me a loan even though my payslip is quite good 

A construction-to-perm loan could work if you plan to hold the multifamily long-term, and depending on your market, there may be incentives for multifamily development.