An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

Traffic to the city really kills the practicality of going there during rush hour 

An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

Yes, I have gap funds for a situation that may never happen like when people spend their whole life practicing karate and end up never getting into a real fight or more on point, losing that fight because of your Karate because it gave you a false sense of security when walking away was the better choice.For example, if something happened and I needed the $1,500/month that my unit earns, well, I have to live off of $1,500/month which may not be enough.

Unless you are an attorney practicing real estate in the state of the subject property, the chances of reaching a wrong conclusion are too great and the consequences too costly.  

However, it's usually best practice to record the deed but do not record the note itself (or contract in this case).

Then I would just practice analyzing deals.

None of the above works unless you take action and put it into practice.

What are the best practices for legally converting a portion of a home into a duplex?

I strongly recommend using PrepAgent and the practice exams on it.