If I was in your shoes, I would have them be actual partners and guarantee the loan with you.

Does Lender need a lending license to provide a private loan for a residential property in Texas, considering both the lender  and the borrower are California residents?

There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area.

Loan rate/terms get complex once you hit that 5+ unit property, so you'll ideally want to work with someone who can help on both sides of your plan.I'd also consider MTR as an option for a $70K property.

In my current situation I don't have any capital available, and have a very large student loan burden. 

For loaning money, you'll learn something about the friend and hopefully feel good being able to help someone out. 

A contract for deed doesn’t transfer legal title, it’s a contract that states title WILL BE transferred when the loan is paid off, or a specific amount of equity is accumulated in the property.  

For a lot of fixer upper homes, my offer, using an renovation loan, often loses out to lower offer cash buyers. 

Deductions would be the original deposit I had put into the property, material and labor, and all other deductions such as utilities.

Probably most of a duplex with a tiny loan.