If he did finance it this way to me, would I have the proper documentation to deduct interest etc?

Understanding the city and developing relationships with your team is essential.If Indianapolis is a target, I would look at the CIREIA and IREIA calendars as well as any meetups or BP groups.

As it seems like they could make more by developing relationships with individuals themselves.Is it the speed?

Might be a better bet to develop a relationship with a Realtor or ISA who will get you the info you need from the MLS system and eliminate the gray area with your job.  

This is something you need to do on your own and from there the agent can show it, negotiate it, make sure you do all the proper paperwork and due diligence to make sure the investment is what you thought it was.

This seems a little different because in this case the unit is still zoned properly as a two unit but the additional bed and bath are not there as far as the town in concerned. 

More than likely a multi-family home in a well-developed area.

I am a Software Developer at a large multi-family firm and I will be graduating college in December.

Being that it's a small space is Eastie and lots of development happening, you have to work around and city.

@MarquelonSigler of HamSig Development is helping put the deal together and leading the rehab team.