If I was to purchase the property from her without realtors involved on either side how would I do so?  

Like I can do a BRRR on 600k property with no cash-flow or a 150k property with $300 monthly cash-flow, but do not have the same investment vehicle, and it is the same cash that is doing both, as for the 600k purchase I'd be using the same 100k towards hard money loan. 

That should be your focus, not how to purchase the land.  

The second option was to do a Construction to Perm Loan inclusive of land purchase. 

And even it's SF when you purchase it, again because it's not 100% MF including the county/city classification, you can use rental income from both units to help you qualify for future investments.Option #3 is something to use only when you're not willing or able to move into the property.

Purchase price: $450,000 Purchased property out of foreclosure, had problems with holder over tenant, but has been resolved, will rehab property to rent at FMV What made you interested in investing in this type of deal?

As agents I think marketing and vehicles can be the biggest tax deductions can not ?

Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land. 

I have had a long term interest in purchasing an investment property and I'm looking to be smarter about this.

This one was purchased through bank foreclosure proceeding's.