It would normally be put into a trust, LLC or Investment group.

Is this normal?

If Bob could read, he would understand that a 10% cap rate is normal where I live and where I invest. 

It's fine to invest hoping for appreciation, but counting on appreciation as your sole business model is gambling with all the risk but none of the fun.If you want to keep it, I'd consider using it for a vacation rental. 

However, I don't normally see any smaller semi being offered.I will be having an inspector go through the property to verify.

Normally we keep all of our projects in house but we're fully tapped out in terms of financial resources with our current projects and the opportunitites keep flowing it.

Yea, this is pretty normal but not at all legal or ethical in any way.  

I have 25 and would have trouble with normal home lenders that sell to FMay or FMac.  

So if I replace a bathtub and I can support the fact that the bathtub only makes up 10% of the plumbing system as a whole, I can fully deduct the cost in the current year, rather than capitalizing and depreciating as you normally would because the 10% is not a material improvement to the plumbing system as a whole. 

my first multi family, non-owner-occupied (a 4-plex) needed 25% down and normal conventional loan qualifications (purchased November 2014).