But overall, it seems that it's beneficial to do.

I got quotes from AAA, Liberty Mutual, and Travelers Insurance so far. 

If you mutually agree fine but if not I would see this as a possible out. 

Also, if anyone is in NJ/NY/PA and wants to reach out I would love to have some mutuals around my age with a similar passion for real estate :) The podcasts brought me here and I look forward to being an active member of the BP community! 

I however, am looking for some thing more beneficial to me as I found the deal, costed everything out, and have extensive leg work in order to finally get it under contract. 

That would be a Refinance not a Loan ModificationThen I was wondering Deferment would put all my payments at the END of the loan which would be beneficial over a refinance where I'd have to pay off my last 3-4 months of payments. 

I'm not sure if there's a more creative and beneficial way to interpret it for tax purposes.

It sounds like there wasn't necessarily a personal connection initially or even a mutual connection, and yet you found him.

You are thinking about just tax deductions right now but it might not be beneficial for you when you try to get the loan. 

So if you only 5 doors and you run into a big pet problem, you simply may not have the reserves to necessarily recover in a financially beneficial way.